Goods Out on Consignment Should Be Included in the Inventory

question 38

True/False

Goods out on consignment should be included in the inventory of the consignor.

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Definitions:

Statute of Frauds

The Statute of Frauds is a legal principle that requires certain types of contracts to be in writing and signed by the parties involved, in order to be enforceable.

Hearsay Rule

A legal principle that excludes the use of statements made outside the court to prove the truth of the matter asserted, due to reliability concerns.

English Parliament

The legislative body of the United Kingdom, responsible for making and passing laws.

Act for the Prevention of Frauds and Perjuries

Historical legislation requiring certain contracts to be in writing and signed to prevent fraudulent claims and perjury.