George Has Been Declared Incompetent by the Court and Is

question 55

Multiple Choice

George has been declared incompetent by the court and is under the care of his sister. Unknown to his sister, George rents the 10,000-seat civic center for his birthday party. George's contract to rent the civic center is best described as:

• A) a void contract.
• B) a quasi contract.
• C) a voidable contract.
• D) an enforceable contract.

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Definitions:

Chart Of Accounts

A systematic listing of all the accounts used by an organization, representing different types of transactions.

Intangible Items

Assets that do not have a physical form yet are valuable because of the advantages or rights they confer to a business, like patents or trademarks.

Physical Items

Tangible objects or goods that can be seen, touched, and measured.

Debit Side

The left side of an accounting ledger where increases in assets, expenses, and losses or decreases in liabilities and equity are recorded.