Good Faith Consultants Partnered with QuickFind IT Solutions for a Period

question 40

Multiple Choice

Good Faith Consultants partnered with QuickFind IT Solutions for a period of six months.After three months, they wanted to extend the contract by two years.According to the Statute of Frauds, which of the following holds true for the contract?

• A)The modification to the duration of the contract should be in writing.
• B)A new contract must be formed.
• C)The contract can be oral both before and after modification.
• D)Only the original contract should be in writing.

---

Definitions:

Long-term Liability

Financial obligations of a business that are due beyond the current fiscal year or operating cycle.

SUTA Payable

State Unemployment Tax Act payable, a liability account for taxes owed by employers to state unemployment insurance programs.

Social Security Tax

Taxes collected by the government from employees and employers to fund the Social Security program, providing retirement, disability, and survivors' benefits.

Payroll Tax Expense

Levies placed on both employers and employees, determined based on a percentage of the wages that employers distribute to their workforce.