When the Terms of an Agreement Make It Impossible to Perform

question 107

True/False

When the terms of an agreement make it impossible to perform the contract within one full year from the time the contract is entered into, there must be evidence in writing for it to be enforceable.

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Definitions:

Cash Received

Money that a business or individual takes in, often measured over a period to assess cash flow.

Customers on Account

Refers to the sales made by a business where the payment is to be received at a later date, recorded as accounts receivable.

Cash Account Balance

The amount of money that is available in a company's or individual's cash account at any given time.

Cash Payments

Disbursements of money to fulfill liabilities or acquire goods and services.