Which of the Following Attempts to Form a Contract Would

question 106

Multiple Choice

Which of the following attempts to form a contract would the court declare to be void?

• A) A contract in which one of the parties was an infant at the time the agreement was formed
• B) An oral agreement for the sale of land
• C) A written promise to guarantee the debt of another person
• D) An oral agreement for a lease of land for two years
• E) A promise by one person to pay another to defame a third

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Definitions:

Total Assets

The sum of all resources owned by a company, measurable in monetary terms, and listed on the balance sheet.

Net Income

The amount of earnings remaining after all expenses, including taxes and interest, have been deducted from total revenue; also known as net profit.

Interest Expense

The expense a business or individual faces for using borrowed capital during a certain timeframe.

Income Tax

Income Tax is a tax levied by governments on individuals or entities based on their net income or profit.