MrGreen Enters into a Contract with Mr

question 16

Multiple Choice

Mr.Green enters into a contract with Mr.Blue who is a crab fisherman.Mr.Green and Mr.Blue know that Mr.Blue has already caught the number of crabs allowed for the season.But Mr.Green and Mr.Blue agree to a contract to exceed the quota.What is the status of the contract between Mr.Green and Mr.Blue?

• A)The contract is voidable,and is enforceable till Mr.Blue cancels it.
• B)The contract is void since it attempts to contract for services that are illegal.
• C)The contract is valid and enforceable.
• D)The contract will be valid if registered with the Secretary of State.

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Definitions:

Double Taxation

The financial imposition where income taxes are paid twice on the same source of earned income, often in the context of corporate profits taxed both at the corporate level and again when distributed as dividends.

Independent Contractors

Workers who provide services to a business under terms specified in a contract, rather than as employees.

Licensing

A process where a company allows another to use its intellectual property or technology in exchange for a fee or royalty.

Royalties

A share of the income of a business paid by a franchisee to the franchisor.