Contracts to Engage in Illegal Activity Are

question 49

Multiple Choice

Contracts to engage in illegal activity are.

• A)Void.
• B)Voidable.
• C)Executory.
• D)Executed.

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Definitions:

Insolvent

A financial state where an individual or entity cannot meet their financial obligations as debts become due.

Fully Liable

A term indicating that an individual or entity is completely responsible for the full extent of liabilities or damages in a legal situation.

Charitable Organization

A nonprofit entity that operates to provide relief to the poor, advance education, or undertake other activities serving the public interest.

Partnership

A business organization in which two or more individuals manage and operate the business in accordance with the terms and objectives set out in a Partnership Agreement.