An adult buyer who is illiterate signs a contract to purchase property from a seller. The buyer understands the nature of the contract because the terms were explained orally. Is the contract binding?
A. Yes, because the buyer understands the terms of the contract
B. Yes, because all adults are considered legally competent
C. No, because the buyer is illiterate and, therefore, legally incompetent
D. No, because a guardian must sign for the buyer
Answer: A. Yes, because the buyer understands the terms of the contract
Business
You might also like to view...
A company's business mission serves as a statement of ________
A) fact B) achievement C) purpose D) financial goals E) employee commitment
Business
During negotiations, discussing and agreeing upon the substantive issues underlying the negotiation should be discussed first. Then, once these issues are resolved, the parties can discuss the process by which a fair agreement will be reached
Indicate whether the statement is true or false.
Business