A Written Modification to an Oral Contract Is Required If

question 10

Multiple Choice

A written modification to an oral contract is required if the oral modification to the contract ________.

• A) has been performed to an extent
• B) is within the Statutes of Frauds
• C) involves specially manufactured goods
• D) is worth less than $500 in costs

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Definitions:

Balance of Trade

The difference in value between a country's imports and exports over a given period, indicating trade surplus or deficit.

Tariffs

Taxes imposed by a government on imported or exported goods to regulate trade, often used to protect domestic industries from foreign competition.

Merchandise Trade Deficit

The situation that occurs when a country imports more goods than it exports, leading to a negative trade balance.

European Union

A political and economic union of 27 European countries that are located primarily in Europe, aiming to ensure peace, prosperity, and freedom of movement.