A Contract for the Sale of Goods That Are Not

question 20

Multiple Choice

A contract for the sale of goods that are not necessities will be enforceable where entered into with a person of impaired intellectual capacity unless:

• A)The impaired person understood the nature of the agreement and the other party did not know about the impaired person's lack of capacity.
• B)The other party knew about the impaired person's lack of capacity and the impaired person was not capable of understanding the nature of the agreement being entered into.
• C)The impaired person was incapable of understanding the nature of the agreement even though the other party did not know about the impaired person's lack of capacity.
• D)The contract was for luxury goods.

Understand the legal and operational definitions vital to corporate structures.

Comprehend the concept and significance of a corporation being a separate legal entity.

Identify the roles and responsibilities of shareholders and promoters in a corporation.

Appreciate the nuance between different types of shares and their attributes.

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Definitions:

Developing Nations

Countries with a lower standard of living, underdeveloped industrial base, and low Human Development Index relative to other countries.

Foreign Corrupt Practices Act

A U.S. law that prohibits American companies and their subsidiaries from bribing foreign officials to retain or obtain business.

Fines

Monetary penalties imposed as punishment for breaking laws or regulations.

Domestic Concern

Matters or businesses pertaining to the internal affairs or operations of a specific country.