Which of the Following Statements About Simple Contracts Is Correct

question 12

Multiple Choice

Which of the following statements about simple contracts is correct?

• A)They have a maximum duration of 12 years.
• B)They can take any form and must include consideration.
• C)They can take any form and do not require consideration.
• D)They must be written.

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Definitions:

Purchases

The action of acquiring goods or services in exchange for money; transactions involving the buying of products.

Production

The process of creating goods or services using labor, tools, and other resources to meet consumer demand.

Mexican Pesos

The currency of Mexico, represented by the symbol $ or MXN, used as the primary medium of exchange within the country.

Exchange Rate

the price of one currency in terms of another currency, determining how much foreign currency can be exchanged for a unit of domestic currency.