A Court Adjudicates Huck Mentally Incompetent and Appoints Inez to Be

question 29

Multiple Choice

A court adjudicates Huck mentally incompetent and appoints Inez to be his guard?ian. Later, without Inez's knowledge, Huck signs a contract to sell his farm to Kyle for its real market value. The contract is

• A) enforceable if Huck comprehended the consequences.
• B) enforceable if Huck knew the market value of the farm.
• C) enforceable if Huck was the record owner of the farm.
• D) void.

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Definitions:

Equilibrium Quantity

The equilibrium quantity is the quantity of goods or services that is supplied and demanded at the equilibrium price, where supply equals demand.

Deadweight Loss

A reduction in economic effectiveness occurring when a good or service doesn't attain market equilibrium in an unrestricted market scenario.

Elastic Supply

A situation where the quantity supplied changes significantly in response to changes in price.

Elastic Demand

A situation where the demand for a product or service significantly changes in response to a change in price.