What is legal insanity?
What will be an ideal response?
The law protects people suffering from substantial mental incapacity from enforcement of contracts against them because such persons may not understand the consequences of their actions in entering into a contract. To be relieved of his or her duties under a contract, a person must have been legally insane at the time of entering into the contract. This state is called legal insanity. The person's mental incapacity must render that person incapable of understanding or comprehending the nature of the transaction. Mental incapacity may arise because of mental illness, brain damage, mental retardation, senility, and the like. Mere weakness of intellect, slight psychological or emotional problems, or delusions does not constitute legal insanity.
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The 2014 income statement of Deal Mart shows operating revenues of $130,800, selling expenses of $37,100, general and administrative expenses of $34,900, interest expense of $900, and income tax expense of $11,430 . Deal Mart's stockholders' equity was $280,000 at the beginning of the year and $320,000 at the end of the year. The company has 20,000 shares of stock outstanding at December 31,
2014.Read the information about Deal Mart. What is Deal Mart's net income? a. $80,000 b. $92,190 c. $130,800 d. $46,470
An accounting system must be computerized in order to ensure the company has proper internal control
a. True b. False Indicate whether the statement is true or false
When Joe's Coffee Nook raised the price of a latte, Joe noticed a substantial change in his daily latte sales. A price reduction caused his sales to increase. From this information, you can assume the demand for lattes is ________
A) static B) supply-driven C) asymmetrical D) elastic E) inelastic
Most theorists consider the autocratic leadership style is the least effective
Indicate whether the statement is true or false