1. Which of the following describes when a person does not understand that a contract is being made or does not understand its general nature due to a mental condition caused by medication, drugs, alcohol, illness, or age. Factual incapacity Status incapacity Infactual incapacity Illegal incapacity 2. It’s possible the validity of a contract may be affected if one or both parties made a mistake. True False 3. Which of the following is not a problem area in determining whether the parties to a contract have genuinely agreed to be bound by the terms: Lack of contractual capacity Deception Pressure Privity of contract Mistake
1. Which of the following describes when a person does not understand that a contract is being made or does not understand its general nature due to a mental condition caused by medication, drugs, alcohol, illness, or age. Factual incapacity Status incapacity Infactual incapacity Illegal incapacity 2. It’s possible the validity of a contract may be affected if one or both parties made a mistake. True False 3. Which of the following is not a problem area in determining whether the parties to a contract have genuinely agreed to be bound by the terms: Lack of contractual capacity Deception Pressure Privity of contract Mistake
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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1. Which of the following describes when a person does not understand that a contract is being made or does not understand its general nature due to a mental condition caused by medication, drugs, alcohol, illness, or age.
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Factual incapacity |
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Status incapacity |
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Infactual incapacity |
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Illegal incapacity |
2. It’s possible the validity of a contract may be affected if one or both parties made a mistake.
True
False
3. Which of the following is not a problem area in determining whether the parties to a contract have genuinely agreed to be bound by the terms:
|
Lack of contractual capacity |
||
|
Deception |
||
|
Pressure |
||
|
Privity of contract |
||
|
Mistake |
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