An Incompetent Person May Ordinarily Avoid a Contract in the Same

question 17

True/False

An incompetent person may ordinarily avoid a contract in the same manner as a minor.

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Definitions:

Defined Contribution Plans

Retirement savings plans where the amount contributed to an employee's account is defined, but the payout at retirement depends on the account's investment performance.

Defined Benefit Plans

A retirement plan where employee benefits are calculated using a formula that considers factors such as salary history and duration of employment.

Deferred Profit-sharing Plans

A type of retirement plan in which employees receive a share of the company's profits at a future date, typically upon retirement.

Contributory Benefits

Benefits, typically related to pension or insurance, that require contributions from both the employee and the employer.