In Order for Someone to Avoid a Contract on the Grounds

question 129

Multiple Choice

In order for someone to avoid a contract on the grounds of intoxication,the level of intoxication must have been:

• A) at or above the legal limit to operate a motor vehicle.
• B) only high enough that he or she was able to notice it.
• C) at least as high as that of the other party.
• D) so great that he or she did not comprehend the nature of the agreement he was entering into.
• E) so great that no reasonable person would have comprehended the nature of the agreement entered into.

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Definitions:

Fair Value Enterprise Method

A methodology for valuation that estimates the value of an entire enterprise as if it were traded in the market, based on the fair value of its assets and liabilities.

Consolidated Balance Sheet

A financial statement that aggregates the financial position of a parent company and its subsidiaries, presenting them as a single economic entity.

Consolidated Financial Statements

Financial statements that show the financial results of a parent company and its subsidiaries as if they were a single entity.

Non-Wholly Owned Subsidiaries

Subsidiaries in which the parent company owns more than 50% but less than 100% of the subsidiary's voting stock.