An Advantage of a Family Business Is That Because Key

question 2

True/False

An advantage of a family business is that because key employees are related and trust one another, a firm can spend less on systems designed to reduce theft and to monitor employees' work habits.

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Definitions:

Statute of Frauds

A rule of law mandating that specific contract categories must be documented and signed by the involved parties to have legal validity.

Writing Requirement

The legal principle that certain contracts or agreements must be documented in written form to be legally binding.

Statute of Frauds

A legal principle that requires certain types of contracts to be executed in writing and signed by all parties involved in order to be enforceable.

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made to another party if the latter has reasonably relied on that promise to their detriment.