Lee Has Been Declared Incompetent by the Court and Is

question 33

Multiple Choice

Lee has been declared incompetent by the court and is under the care of his sister.Without his sister's knowledge,Lee rents the 30,000-seat civic center for his birthday party.Lee's contract to rent the civic center is best described as a:

• A) valid contract.
• B) voidable contract.
• C) void contract.
• D) quasi contract.

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Definitions:

External Benefit

A positive effect experienced by a third party who did not choose to incur that benefit, often associated with public goods or services.

Social Value

The importance or benefits a project, policy, or action brings to the community or society at large, beyond just economic gains.

Private Cost

The cost incurred by an individual or company in producing goods or services, excluding externalities.

Private Value

The value of a good or service to an individual buyer or seller which is independent of the market price or the value others might derive from it.