Persons Who Are Intoxicated Can Create Voidable Contracts

question 10

True/False

Persons who are intoxicated can create voidable contracts.

---

Definitions:

Loss on Disposal

The financial loss incurred when an asset is sold for less than its book value.

Plant Asset

Long-term tangible assets that are used in the production of goods or services and are not intended for sale.

Book Value

The value of an asset according to its balance sheet account balance, taking depreciation into account.

Fair Market Value

The estimated price at which an asset would trade in a competitive auction setting.