Contracts Entered into by Mentally Incompetent Persons Can Be Valid

question 42

True/False

Contracts entered into by mentally incompetent persons can be valid.

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Definitions:

Wage-gap

is the difference in average earnings between different groups of workers, often used to discuss disparities based on gender, race, or education.

Migration Costs

Expenses and sacrifices associated with moving from one location to another, which can include monetary costs, emotional strain, and time.

Substitute Resources

Resources or inputs that can be used in place of each other in the production process.

Inelastic

Describes a situation where a change in price leads to a relatively smaller change in the quantity demanded or supplied.