Explain the differences among void, voidable, and valid contracts
What will be an ideal response?
A void contract is a contract that at its formation has an illegal object or serious defects. A voidable contract is a contract that gives one of the parties the option of withdrawing from the agreement. A valid contract is a contract that meets all legal requirements for a fully enforceable contract
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The recoverability test is used to determine any impairment loss on which of the following types of intangible assets?
a. indefinite life intangibles other than goodwill b. indefinite life intangibles c. goodwill d. limited life intangibles
A born international is:
a. A foreign born entrepreneur b. A start-up company who sets up a sales Website immediately c. A company started in a foreign country and then brought to the United States d. A small business that starts up to do business internationally (e.g., and import-export company)