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:

Long-term Funding

Financing obtained for a period longer than a year, used for acquiring assets, structural projects, or significant investments.

Short-term Funding

Financing obtained for a period of one year or less, often used to manage the day-to-day operational costs of a business.

JIT Inventory

Just-In-Time Inventory; a management strategy that aligns raw-material orders from suppliers directly with production schedules.

Disbursement of Funds

The act of paying out or distributing money, such as dividends to shareholders or expenditures to fulfill obligations or purchase assets.