Which of the Following Is TRUE with Regard to a Contract

question 48

Multiple Choice

Which of the following is TRUE with regard to a contract that has to be in writing?

• A)If the contract is handwritten,it must be in ink.
• B)All implied terms must be carefully identified.
• C)If the contract is a guarantee,consideration must be identified.
• D)The parties must meet to discuss the terms.
• E)The contract does not have to be wholly within a single document.Several written notes may be taken together to satisfy the Statute of Frauds.

---

Definitions:

Purchase

The act of acquiring goods or services in exchange for money, signifying a transaction between two parties.

Share Issue

The process by which a company distributes its shares to investors, thereby raising capital.

Consolidated Net Income

The aggregate amount of net income earned by a parent company and its subsidiaries, after tax and interest, presented in a single figure.

Unrealized Intercompany Profits

Profits that arise from transactions between entities within the same group, not yet realized until sold to an external party.