The Statute of Frauds Does Not Apply to Agreements in Which

question 20

True/False

The statute of frauds does not apply to agreements in which one person assumes primary responsibility for the payment of a debt.

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Definitions:

Annual Interest

The total amount of interest payable or receivable over one year, depending on whether the context is savings, investment, or a loan.

Credit

An accounting entry that increases liabilities and equity, or decreases an asset or expense account, representing the opposite of a debit.

Sales Discounts

Reductions from the listed or invoice price of goods or services provided to customers, often used as an incentive for early payment.

Accounts Receivable

Funds that customers owe a company for products supplied or services rendered but have not yet been paid for.