If a Person Signs a Written Contract and They Do

question 63

Multiple Choice

If a person signs a written contract and they do not know how to read, the contract could be void due to

• A)mistake
• B)misrepresentation
• C)duress
• D)non est factum
• E)undue influence

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Definitions:

Intangible Asset

An asset that lacks physical substance, such as patents, trademarks, and copyrights, holding value for a business.

Land

A non-depreciable asset representing the earth's surface that a business owns for operation purposes.

Intangible Asset

An Intangible Asset is a non-physical asset possessed by a company, such as intellectual property, goodwill, and licenses, offering future economic benefits.

Goodwill

When a business is purchased, the difference between the price paid and the fair value of the net assets is goodwill. Goodwill may depend on brand names, business location, service, or other elements; it is a valuable asset that plays an important part in the expected rate of future earnings of a business.