An Oral Understanding Is Not Binding If

question 4

Multiple Choice

An oral understanding is not binding if:

• A) the services performed were not to the satisfaction of the other party.
• B) the amount agreed to be paid for services rendered was not a fair and reasonable amount.
• C) the parties intended to formalize their understanding with a written agreement.
• D) the understanding may be terminated at will by either party.

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Definitions:

Entrepreneurs

Individuals who start, manage, and take on the risks of a business venture in the hope of turning an idea into a profitable enterprise.

Community Wealth Partners

An organization or initiative focused on creating and implementing strategies that build and sustain wealth within communities, often through social and economic development projects.

Social Entrepreneurship

A form of entrepreneurship that aims to solve social problems or meet community needs through innovative business models.

Social Businesses

Companies designed to address social problems with commercial strategies while reinvesting profits back into their missions.