Which of the Following Is True Once a Guardian Has

question 75

Multiple Choice

Which of the following is true once a guardian has been appointed for a person who has been adjudicated insane?

• A)If a person has been adjudicated insane and has a guardian appointed,that person has no capacity to enter into contracts and any contract he does attempt to enter into is void.
• B)If a person has been adjudicated insane and has a guardian appointed,that person retains capacity to enter into contracts so long as the other party to the contract is aware of the insanity issue.
• C)If a person has been adjudicated insane and has a guardian appointed,that person has no capacity to enter into contracts and any contract he does attempt to enter into is voidable.
• D)If a person has been adjudicated insane and has a guardian appointed,that person retains capacity to enter into contracts so long as the other party to the contract is aware of the guardian's status.
• E)If a person has been adjudicated insane and has a guardian appointed,that person retains capacity to enter into contracts so long as the other party to the contract is aware of the guardian's status and also the insanity issue.

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Definitions:

Revenue Recognition

An accounting principle that outlines the specific conditions under which revenue is recognized and dictates how it should be reported in the accounts.

Production Process

The sequence of operations or procedures used to create finished goods from raw materials, typically involving planning, sourcing, manufacturing, and quality control.

Services Rendered

Work or duties provided by one party to another, often resulting in payment for the work done.

Income Concepts

Various frameworks and principles used to measure and report income, including realization, recognition, and measurement principles.