Mentally Infirm Sasha Contracts to Purchase a Piano for $2,500

question 27

Multiple Choice

Mentally infirm Sasha contracts to purchase a piano for $2,500 in 60 monthly installment payments.Six months later she tries to void the contract on grounds of mental impairment.A court will:

• A)normally void the contract without requiring anything further on Sasha's part.
• B)normally void the contract but will require Sasha to return the piano.
• C)ordinarily not void the contract unless Sasha had a court-appointed guardian at the time she entered into the contract.
• D)not void the contract unless Sasha agrees to have the court appoint a guardian for her.

Understand the concept of cross elasticity of demand and its implications for goods being substitutes or complements.

Identify the determinants of the elasticity of demand.

Calculating and understanding income elasticity of demand.

Distinguish between inelastic, unit elastic, and elastic demand based on elasticity values.

---

Definitions:

Fetal Stage

The final stage of prenatal development, starting from the ninth week of pregnancy until birth, characterized by rapid growth and maturation of organs.

Emerging Adulthood

A phase of the life span between adolescence and full-fledged adulthood that encompasses late teens through the twenties, marked by exploration and instability.

Arnett

Jeffrey Jensen Arnett is a psychologist known for his theory on Emerging Adulthood, which describes a distinct stage of development between adolescence and full-fledged adulthood.

Amniotic Sac

A sac within the uterus that contains the embryo or fetus.