Under the Written Confirmation Rule,the Statute of Frauds Writing Requirement

question 38

Multiple Choice

Under the written confirmation rule,the Statute of Frauds writing requirement can be satisfied if ________.

• A) a party to receive a confirmation does not know of its content
• B) a party that receives the confirmation, signs it, and sends it back to the other merchant within a reasonable time
• C) a merchant does not give written notice of an objection to the contract within 10 days after receiving a confirmation
• D) none of the parties to an agreement sends a written confirmation

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Definitions:

Loss On Sale

Loss on Sale occurs when the selling price of an asset is less than its carrying amount on the balance sheet, representing a financial loss for the company.

Accumulated Depreciation

The total amount of a tangible asset's cost that has been allocated to depreciation expense over the asset's useful life, reducing its book value.

Group Depreciation

A method of depreciating multiple assets collectively that are similar in nature and have approximately the same expected useful lives.

Business Computer

A computing device specifically designed, acquired, and used to meet the operational requirements of a business.