In Respect of a Contract to Which the Statute of Frauds

question 47

Multiple Choice

In respect of a contract to which the Statute of Frauds applies, which of the following is NOT true?

• A) both parties must sign the contract
• B) the defendant must sign the contract
• C) the essential elements of the contract must be in writing
• D) the contract must be under seal
• E) A and D

Understand the process and accounting treatment for calling bonds before their maturity.

Calculate the present value of both a lump sum and an annuity using present value tables.

Comprehend the reporting requirements for unamortized premiums or discounts on the balance sheet.

Understand the nature and classification of liabilities.

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