Under the Statute of Frauds, All Contracts Involving Over $10,000

question 48

True/False

Under the Statute of Frauds, all contracts involving over $10,000 must be in writing.

---

Definitions:

Sample Mean

The arithmetic average of a sample set of data, used to estimate the population mean.

Normally Distributed

Describes a data set that follows a bell-shaped curve where most observations cluster around the mean and probabilities for values taper off symmetrically towards both extremes.

Standard Deviation

Standard deviation is a measure of the amount of variation or dispersion of a set of values, indicating how much the values in the set differ from the mean.

Random Samples

A sample from a population that is chosen in such a way that every member of the population has an equal chance of being selected.