The Statute of Frauds Is a Law That Was Passed

question 45

Multiple Choice

The Statute of Frauds is a law that was passed to

• A) prevent fraud in transactions involving the purchase and sale of land.
• B) provide some relief to third parties who have been affected by fraudulent contracts.
• C) resolve situations concerning fraudulent contracts.
• D) prevent in offers and acceptances.
• E) provide some relief to offerees who are induced into entering fraudulent transactions.

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Definitions:

Ceiling Prices

Legally established maximum prices that can be charged for goods or services, usually set by government authorities.

Black Markets

Illicit trade environments where goods or services are exchanged illegally or outside the official regulatory frameworks.

Legal Market

A marketplace in which transactions are regulated by laws and monitored by the government to ensure fairness and compliance.

Human Organs

Biological components of the human body that perform specific functions necessary for life.