A Mental Illness or Defect of One of the Parties

question 18

True/False

A mental illness or defect of one of the parties to a contract automatically makes a contract void.

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Definitions:

Working Capital

The difference between a company's current assets and current liabilities, indicating the short-term financial health.

Accounts Receivable

Debts owed by customers to a business for products or services provided but not yet compensated for.

Accounts Payable

The amount of money that a company owes to its creditors for goods or services that it has received but not yet paid for.

Marginal Tax Rate

The rate at which an additional dollar of income would be taxed, representing the individual's tax bracket.