BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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undamaged
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returned
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paid for
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ratified
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Detailed explanation-1: -When a minor disaffirms a contract, all property that he or she has transferred as consideration can be recovered–even if it was subsequently transferred to a third party. Disaffirmance must be timely. The contract must be disaffirmed in its entirety.
Detailed explanation-2: -People who can prove they lacked the capacity to enter a legally binding contract-intoxication, mental incompetence, etc.-can disaffirm a contract and therefore avoid any and all legal obligations set forth in the contract. In many cases, this can apply to minors.
Detailed explanation-3: -A minor can disaffirm or avoid a contract by showing an intent not to be bound by it. Most contracts can be disaffirmed by a minor at anytime before reaching the age of majority or for a reasonable time after reaching majority.
Detailed explanation-4: -Definition of ‘disaffirm’ 1. to deny or contradict (a former statement) Law. a. to refuse to abide by (a contract, agreement, etc.
Detailed explanation-5: -Any person who is not of the age of majority is a minor. In India, 18 years is the age of majority. Below the age of 18 years does not have the capacity to enter into a contract. A contract or agreement with a minor is null from the beginning, and no one can sue them.