A Fixed Point of Reference Must Be Separate from You

question 26

True/False

A fixed point of reference must be separate from you.

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Definitions:

Oral Promise

An oral promise is a commitment or assurance given verbally rather than in written form, which may or may not be legally enforceable depending on the context.

Negotiable

A characteristic of a financial instrument (like a check or bill of lading) that allows it to be transferred from one party to another as a form of payment or investment.

Contract Formation

The process by which parties agree to terms that are legally binding and enforceable.

Negotiable Instrument

A written document guaranteeing the payment of a specific amount of money, either on demand or at a set time, to the bearer or to an identified party.