A Court Adjudicates Huck Mentally Incompetent and Appoints Inez to Be

question 29

Multiple Choice

A court adjudicates Huck mentally incompetent and appoints Inez to be his guard?ian. Later, without Inez's knowledge, Huck signs a contract to sell his farm to Kyle for its real market value. The contract is

• A) enforceable if Huck comprehended the consequences.
• B) enforceable if Huck knew the market value of the farm.
• C) enforceable if Huck was the record owner of the farm.
• D) void.

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Definitions:

Sales on Account

Revenue generated from sales where payment is yet to be collected, often recorded as accounts receivable.

Disbursements Section

A part of cash flow management that records cash outflows or payments made by a business during a specific period.

Cash Budget

A financial plan that estimates cash inflows and outflows over a specific period, helping managers ensure that sufficient cash is available for operations.

Budgeted Sales

The projected amount of sales, often expressed in units or revenue, that a company expects to achieve in a specific period.