Although There Has Been an Offer and Acceptance and Consideration,and

question 32

Multiple Choice

Although there has been an offer and acceptance and consideration,and the parties intended to enter into a contract,a court will set aside a contract as void because of

• A)the social standing of one of the parties.
• B)the lack of capacity of one of the parties.
• C)the wealth of one of the parties.
• D)the signature on the contract being unclear.
• E)the impecuniosity of one of the parties.

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Definitions:

Interest

The charge for borrowing money or the compensation paid to depositors on their deposits, usually expressed as an annual percentage rate.

Unpaid Balance

The amount of money that is still owed on a loan or credit line that has not yet been paid.

Loan Principal

The amount of money that is borrowed and must be repaid, not including interest or any other charges.

Property Tax Payable

A liability representing taxes due on the property owned by an individual or company, typically paid annually.