Which Contract Would Ordinarily Be Considered Illegal

question 38

Multiple Choice

Which contract would ordinarily be considered illegal?

• A) Paying a fee for a license in a state where the purpose of the licensing statute was merely to raise revenue for the state.
• B) A contract between a minor and an adult for the sale of real estate.
• C) A contract made by an intoxicated person.
• D) Paying your state senator $10,000 to vote in favor of a bill you have an interest in.

Explore how different variables influence the bid price setting in practical scenarios.

Assess the reasons why two firms may provide different bid prices for the same project despite using identical blueprints.

Understand the role and functioning of Geographic Information Systems (GIS) in location decisions.

Identify the factors influencing location decisions for both service and manufacturing organizations.

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Definitions:

Business Entity Concept

A concept of accounting that limits the economic data in the accounting system to data related directly to the activities of the business.

Accounting Purposes

The specific objectives or reasons for recording and reporting financial information, such as compliance and decision-making.

Corporation

A business organized under state or federal statutes as a separate legal entity.

Proprietorship

A business entity owned and run by one individual, where there is no legal distinction between the owner and the business.