Which of the following is untrue regarding the contracts of incompetent persons?
a. An incompetent person is liable for necessaries.
b. Unlike a minor, an incompetent person can never ratify a contract.
c. To avoid a contract, a person need not be permanently incompetent.
d. Under the cognitive ability test, a person is incompetent if he is unable to understand the nature and effect of his act.
b
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If this seller opted for her choice of Remedies in the event of default rather than opting to receive the earnest money deposit as liquidated damages, which of the following would not be a remedy that the seller could choose to pursue?
A. Except for feature of the earnest money deposit anyway B. Sue the buyer for actual damages C. Sue the buyer for specific performance D. File an interpleader action
When comparing several sites, typically a company will pick specific available site locations, then broaden their choices to communities, and finally to alternate regions
Indicate whether the statement is true or false