Morgan entered into a long-term contract at age 17. In the state in which the contract was executed, the majority age was 18
She is now 19 and would like to disaffirm the contract on the grounds that she was a minor when she entered into the contract. Which of the following statements is true?
A) Morgan can disaffirm the contract because she lacked competency at the time she entered into the contract, thus rendering the contract voidable.
B) Morgan can disaffirm the contract because the contract is void.
C) Morgan cannot disaffirm the contract because there was ample consideration.
D) Morgan cannot disaffirm the contract because she ratified it by failing to disaffirm the contract in a timely fashion.
D
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Capital structure theory suggests that companies may put the interests of ________ ahead of the interests of ________
A) Potential stockholders, existing stockholders B) Stockholders, bondholders C) Existing shareholders, IRS D) There are no potential conflicts arising from the way a firm manages its capital structure.