Compare the liability of an intoxicated person to that of a person who is mentally ill. How are their situations similar? How are they different with regard to contractual capacity?
If a person is mentally incompetent, he may avoid liability under the agreement. A person may also avoid any contract that he enters into if the other party has reason to know that, because of intoxication, he is unable to understand the nature and consequences of his actions or unable to act in a reasonable manner. Both incompetent persons and intoxicated persons are liable in quasi-contract for necessaries furnished during their incapacity. Courts are more strict with intoxication than mental illness because of the voluntary nature of intoxication.
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________ is the determination of the amount of assets held by the firm for sale or production.
A. Depreciation B. Inventory valuation C. Capital budgeting D. Factoring
An advantage of the current ratio is that it considers the makeup of the current assets
Indicate whether the statement is true or false
The General Agreement on Tariffs and Trade (GATT):
A) is a multilateral treaty B) is subscribed to by the United States C) has as its goal the liberalization of world trade D) all of the above
If the parties to a contract agree to undo the agreement and return any consideration involved, the contract is discharged by:? A) mutual cancellation B) mutual rescission
C) novation D) accord and satisfaction