A Contract That Is Unenforceable Under the Statute of Frauds

question 105

True/False

A contract that is unenforceable under the Statute of Frauds may be saved by a subsequent written memorandum.

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Definitions:

Short Run

A period in economics where at least one input is fixed, meaning that firms can adjust production levels but not capacity.

Long-Run Average-Total-Cost Curve

A curve that shows the lowest cost at which a firm is able to produce a given level of output in the long run, when all inputs can be varied.

Workers

Individuals engaged in a task or activity, especially in the context of employment, to earn wages or salary.

Marginal Cost

The excess cost that arises from the production of an extra unit of a product or service.