An Insane Person Can Escape a Contract on the Basis

question 98

True/False

An insane person can escape a contract on the basis of incapacity only if the other person knew or ought to have known of the insanity.

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Definitions:

Interest for Days

Calculated as the interest rate on a loan or investment applied over a specified number of days.

Total Amount Charged

The total amount charged refers to the aggregate sum of all charges, fees, and expenses associated with a transaction or series of transactions.

Allowance for Doubtful Accounts

This is an accounting method that estimates the amount of receivables that may not be collected due to customer defaults.

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or within the business's normal operating cycle.