A Person Who Lacked Capacity to Contract Due to Mental

question 36

True/False

A person who lacked capacity to contract due to mental impairment can ratify the contract once he/she regains his/her normal mental faculties.

---

Definitions:

Time-Value

The principle stating that money in hand today is more valuable than the identical amount received later, owing to its capacity to generate earnings.

GDP Growth

The increase in the market value of goods and services produced by an economy over time, indicating economic health and progress.

Future Value

is the value of an asset at a specific date in the future, calculated from its present value and accounting for factors such as interest rates and time.

Present Value

The present-day worth of an anticipated future sum or series of cash payments, calculated using a specific interest rate.