Which of the Following Statements Is True of Contract Ratification

question 48

Multiple Choice

Which of the following statements is true of contract ratification?

• A) Minors who have lied about their age can ratify their contracts.
• B) A contract is voidable if it is ratified on reaching majority.
• C) For a person adjudicated insane, his or her personal representatives cannot ratify the contract.
• D) People who regain their mental capacity can ratify their contracts.

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Definitions:

Decision-Making Process

A systematic approach involving identification, analysis, and choosing among alternative courses of action to resolve problems or achieve objectives.

Ethical Standards

Guidelines or principles that govern the conduct of individuals and organizations, ensuring behavior is moral and right.

Bounded Rationality

The concept that decision-making is limited by the information available, the cognitive limitations of individuals, and the finite amount of time available to make a decision.

Budget Increase

An upward adjustment in the amount of money allocated for specific purposes, often reflecting growth or expansion in operations or projects.