When Can an Intoxicated Person Ratify the Contracts He or She

question 98

Multiple Choice

When can an intoxicated person ratify the contracts he or she entered into while intoxicated?

• A) while still intoxicated
• B) after becoming sober
• C) after reaching the age of majority
• D) when the other party is intoxicated

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Definitions:

Immediate Market Period

The length of time during which the producers of a product are unable to change the quantity supplied in response to a change in price and in which there is a perfectly inelastic supply.

Equilibrium Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded, often referred to as the market-clearing price.

Equilibrium Quantity

(1) The quantity at which the intentions of buyers and sellers in a particular market match at a particular price such that the quantity demanded and the quantity supplied are equal; (2) the profit-maximizing output of a firm.