The Direct Translation of an Idiom Keeps Its Original Meaning

question 32

True/False

The direct translation of an idiom keeps its original meaning.

Understand the legal implications of entering into contracts while intoxicated.

Know the effect of illegality and public policy on the enforceability of contracts.

Understand the role of occupational licensing in contract enforcement.

Learn the conditions under which contracts entered by mentally incompetent persons are considered void or voidable.

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Definitions:

Tax Bracket

A range of incomes taxed at a particular rate under a progressive tax system.

Capital Asset

An asset held by an individual or business for investment or personal purposes, excluding inventory or assets sold in the ordinary course of a business.

Rental Property

A property owned by an individual or entity that is rented out to tenants in exchange for monthly rent payments.

Section 1245

A provision in the U.S. tax code that treats the gain from the sale of certain types of property (primarily depreciable personal property) as ordinary income rather than capital gain.