If the Original Agreement Was Oral,a Subsequent Oral Modification,which Brings

question 47

True/False

If the original agreement was oral,a subsequent oral modification,which brings the resulting contract within the statute of frauds,is binding on and enforceable by the parties.

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Definitions:

Bond Debenture

A type of unsecured debt instrument issued by a company to raise long-term funds, without collateral backing.

Corporation Issues Bonds

A financing activity where a corporation raises funds by issuing debt securities, known as bonds, to investors.

Market Rate

The prevailing interest rate available in the marketplace for instruments of similar risk and maturity.

Contract Rate

The interest rate to be paid on the face amount of a bond as specified in the bond indenture.