An Oral Contract Containing a Promise by an Executor to Pay

question 51

Multiple Choice

An oral contract containing a promise by an executor to pay estate debts from estate funds is:

• A) binding.
• B) voidable by the executor or administrator.
• C) enforceable against the executor only if the executor signs written proof of the agreement.
• D) enforceable against the other contracting party only if that party signs a written agreement.

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Definitions:

Nominal Exchange Rate

The nominal exchange rate is the rate at which one country's currency can be traded for another's, not adjusted for inflation.

Nominal Exchange Rate

The rate at which one currency can be exchanged for another without adjusting for inflation, representing the current market price.

Schillings

A former unit of currency in Austria before the euro and also used in several other countries historically.

Purchasing-Power Parity

An economic theory that compares different countries' currencies through a "basket of goods" approach to determine exchange rates.