Which of the Following Is True of a Contract Where

question 79

Multiple Choice

Which of the following is true of a contract where one of the parties is insane but not adjudged insane?

• A) The contract is voidable by the competent party.
• B) The contract is only voidable by the insane person.
• C) Only the court appointed legal guardian to the insane person can modify contracts.
• D) The non-insane person must be placed in status quo if the insane person voids the contract.

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Definitions:

Total Production

The total output of goods or services produced by an individual firm or an entire industry over a specific period.

Comparative Advantage

The ability of an individual or group to carry out a particular economic activity (such as production of a good or service) more efficiently than another activity.

Opportunity Cost

The loss experienced from bypassing the following superior alternative in the course of decision-making.

Capital

Refers to financial assets or the financial value of assets, such as funds held in deposit accounts, as well as the tangible machinery and production equipment used in environments such as factories.