Multiple Choice
Bernie Nohave is operating a scheme whereby investors' money is purportedly utilized to buy AIDS drugs in Africa. The money is then deductible as a charitable donation for tax purposes. Tom invests in this scheme to generate tax losses knowing that medicine is not being purchased. Is the contract valid?
A) No, everyone knows that Bernie is bankrupt.
B) No, this transaction is ultra vires Bernie Nohave's corporation.
C) No, there is no consideration.
D) No, there is no capacity.
E) No, the subject matter of the contract is illegal.
Correct Answer:
Verified
Correct Answer:
Verified
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