A(n) Contract Is a Contract That at Its Formation Has

question 11

Multiple Choice

A(n) contract is a contract that at its formation has an illegal object or serious defects.

• A) executory
• B) executed
• C) void
• D) voidable

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Definitions:

Usurped

The act of taking someone's power or property by force or without legal right.

Backdated Options

Stock options granted with an issue date in the past, often used to provide immediate gains for the option holder, but viewed critically for ethical and legal reasons.

SEC Reporting

Refers to the process of filing financial, operational, and other information required by the Securities and Exchange Commission, which oversees the securities industry in the United States.

Violated The Law

To act in a way that is contrary to legal statutes, regulations, or rulings, resulting in an infringement or breach.