A Person Who Was Legally Insane at the Time of Entering

question 14

True/False

A person who was legally insane at the time of entering a contract is relieved of his or her duties from the contract.

---

Definitions:

Profit

is the financial gain realized when the revenue generated from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.

Breaks Even

The point at which total costs and total revenue are equal, leading to no net loss or gain for a business.

P = ATC

P = ATC denotes the point where the price is equal to the average total cost, indicating a break-even point for a firm in the short run.

Level of Output

The quantity of goods or services produced by a business within a certain period.