Kesler,while in a Drunken State,purchased a Large Sailboat from Mullen

question 117

True/False

Kesler,while in a drunken state,purchased a large sailboat from Mullen.
-If Mullen was unaware that Kesler was intoxicated at the time that the contract was made,Kesler would not be permitted to avoid the contract.

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Definitions:

Contra-asset

A contra-asset account is a type of asset account where its balance is a negative figure that offsets the balance of its corresponding asset account.

Liability

A financial obligation or debt owed by a company to another entity, which is expected to be settled through the transfer of assets or services.

Inventory

Consists of all the goods a company has in stock that are ready to be sold, including raw materials, work-in-progress, and finished goods.

Expense

A cost or charge that a company incurs through its operations aimed at generating revenue.