Most Statutes of Frauds Require Leases for a Term of More

question 62

Multiple Choice

Most Statutes of Frauds require leases for a term of more than ________ to be in writing.

• A) one (1) month
• B) six (6) months
• C) one (1) year
• D) eighteen (18) months
• E) three (3) years

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Definitions:

Elements

In accounting, elements refer to the basic categories of financial data that are classified in the financial statements, such as assets, liabilities, equity, revenue, and expenses.

Cash Receipts

Money received by a business or organization, including payments from customers, refunds, and interest earned.

Cash Sales

Transactions in which payment for goods or services is made at the time of sale, typically in cash or equivalent means.

Cash Register

A mechanical or electronic device for registering and calculating transactions at a point of sale.