Sasha,who Is Mentally Infirmed,contracts to Purchase a Piano for $2,500

question 14

Multiple Choice

Sasha,who is mentally infirmed,contracts to purchase a piano for $2,500 in 60 monthly installment payments.Six months later she tries to void the contract on grounds of mental impairment.A court will

• A)normally void the contract without requiring anything further on Sasha's part.
• B)normally void the contract but will require Sasha to return the piano.
• C)ordinarily not void the contract unless Sasha had a court-appointed guardian at the time she entered into the contract.
• D)not void the contract unless Sasha agrees to have the court appoint a guardian for her.

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Definitions:

Ledger

An accounting book or computer file for recording and totaling economic transactions measured in terms of a monetary unit and categorized by account type.

Account Titles

Names given to the accounts that reflect the types of transactions they represent, used in bookkeeping to distinguish financial records.

Journalizing

The process of recording transactions in a company's journal, detailing the financial activities and their impact on accounts.

Ledger

A collection of accounts in which the transactions of a business are categorized and recorded, serving as the main accounting record.