After Consuming a Mind-Altering Drug,Hal Buys Some Real Estate from Edith

question 13

Essay

After consuming a mind-altering drug,Hal buys some real estate from Edith for $100,000.Hal was completely wrecked when he made the deal,and could not understand what he was doing.Due to the after effects of the drug,Hal goes into a coma that lasts for one year.As soon as he awakes from the coma,Hal tries to disaffirm his contract with Edith.Edith maintains that Hal cannot disaffirm because he has ratified the contract.What should Hal argue in return?

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Definitions:

Recognizes Revenues

Recognizing revenues involves the accounting process of recording income when it is earned, which may not necessarily coincide with when payment is received.

Not-for-Profit Organizations

Entities that operate for purposes other than to make a profit, typically focusing on charitable, educational, or social objectives.

Public Accountants

are certified professionals who provide accounting services, including auditing, tax advice, and financial planning, to the public.

GAAP Standard

Generally Accepted Accounting Principles, the set of accounting standards used in the United States to ensure accuracy and consistency in financial reporting.