Which of the Following Contracts Does NOT Have to Be

question 13

Multiple Choice

Which of the following contracts does NOT have to be in writing to be valid?

• A)the sale of a $200,000 painting
• B)a third party guarantee of another person's debt
• C)a marriage contract
• D)a 4 year lease of an apartment
• E)all of the above must be in writing to be valid

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Definitions:

Incentives

Rewards or penalties that motivate individuals to perform an action or avoid it.

Economic Analysis

A systematic approach to determining the optimal use of scarce resources, involving comparison of two or more alternatives in achieving specific objectives under the given assumptions.

Personal Benefits

Advantages or gains received personally, often in the context of employment or social welfare.

Selfish Motives

The driving force behind actions that prioritize personal gain over the welfare of others.