A Void Contract Means That

question 91

Multiple Choice

A void contract means that

• A) there is no contract.
• B) the contract cannot be enforced.
• C) the infant can escape the contract.
• D) the adult can escape the contract.
• E) the contract is illegal.

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Definitions:

Unlimited Life

Refers to corporations having a perpetual existence, not limited by time, allowing them to continue operations indefinitely unless dissolved.

Agency Problem

A conflict of interest arising between principals (owners/shareholders) and agents (company executives/managers), where the agent may make decisions that benefit themselves at the expense of the principals.

Partnership Agreement

A legal document that outlines the rights, responsibilities, and profit and loss distribution among partners in a business partnership.

Corporate Officer

An executive or high-ranking official within a corporation, often with legal responsibilities.