Oral Contracts Are Not Enforceable Unless Independent Witnesses Can Give

question 22

True/False

Oral contracts are not enforceable unless independent witnesses can give evidence about
the agreement.

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Definitions:

Short-term Loans

Loans that are scheduled to be repaid in a short period, typically within a year, used for immediate financial needs.

Deficits

The amount by which a government's, company's, or individual's spending exceeds its income over a particular period of time.

Developing Countries

Nations with lower levels of industrialization, lower standards of living, and, in general, lower Human Development Index (HDI) scores than developed countries.

Consumption Increases

A situation where there is a rise in the amount of goods and services consumed by individuals or communities, often indicating economic growth or changes in consumer behavior.