In Order for a Person Under Mental Incapacity to Avoid

question 52

Multiple Choice

In order for a person under mental incapacity to avoid a contract made while that person was incapacitated, the incapacitated person must show:

• A) that the contract was unfair
• B) that the other party should have recognized the incapacity
• C) that there was no intention to enter into a contract
• D) that neither party knew what was happening
• E) all of the above.

Comprehend the sequence of preparing different types of budgets.

Identify the various elements included in a master budget.

Grasp the principles of effective budgeting, including participatory development and continuous revision.

Recognize the benefits of budgeting in planning, coordination, and performance evaluation.

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Definitions:

Delegation

means to transfer authority or responsibility to another person to carry out specific activities.

Assignee

The party to whom rights or interests are transferred by another, often used in context of contracts, leases, or other agreements.

American Rule

A legal principle stating that each party in a lawsuit is responsible for paying its own attorney fees, except as otherwise provided by statute or contract.

English Rule

A legal principle where the losing party in litigation is required to pay the legal costs of the winning party.