Discuss a minor's duty to a seller upon disaffirmance of a contract for the sale of goods
Courts do not agree on how to handle a minor's duty upon disaffirmance. The majority hold that the minor must return any property received from the other party to the contract, provided he is in possession of it at the time of disaffirmance. Nothing more is required, and it can be returned in whatever shape it is in at the time. Other states require at least the payment of a reasonable amount for the use of the property or of the amount by which the property depreciated while in the hands of the minor. A few states recognize a duty on the part of the minor to make restitution so the seller will be in approximately the same position he would have occupied had the sale not occurred.
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10 years ago, the City of Melrose issued $3,000,000 of 8% coupon, 30-year, semiannual payment, tax-exempt muni bonds. The bonds had 10 years of call protection, but now the bonds can be called if the city chooses to do so. The call premium would be 6% of the face amount. New 20-year, 6%, semiannual payment bonds can be sold at par, but flotation costs on this issue would be 2% of the amount of bonds sold. What is the net present value of the refunding? Note that cities pay no income taxes, hence taxes are not relevant.
A. $453,443 B. $476,115 C. $499,921 D. $524,917 E. $551,163