When the Main Purpose of the Promisor's Promise to Pay

question 6

True/False

When the main purpose of the promisor's promise to pay the debt of another is to benefit the promisor,the statute of frauds is not applicable,and the oral promise to pay the debt is binding.

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Definitions:

Extend Enterprise

The expansion of an organization's outreach beyond its traditional boundaries, involving collaboration with external partners or integrating technology to improve efficiency and market reach.

Supply Chain Management

Monitoring the flow of products, information, and financial resources as they transition from the supplier through to the manufacturer, wholesaler, retailer, and eventually the consumer.

Distribution Channels

Pathways and intermediaries through which a product or service flows until it reaches the end consumer.

Supply Chains

Networks of individuals, organizations, resources, activities, and technologies involved in the production and delivery of a product or service.