Which of the Following Is Not a Type of Contract

question 73

Multiple Choice

Which of the following is not a type of contract within the statute of frauds that concerns a promise to pay a debt?

• A) Secondary obligation.
• B) Secondary promise.
• C) Collateral promise.
• D) Suretyship promise.
• E) Promissory estoppel.

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Definitions:

Interest Rate

The percentage of the loan amount charged to the borrower as interest, usually presented as an annual rate.

IFRS

The International Financial Reporting Standards are a set of global accounting standards developed by the IFRS Foundation for preparing financial statements.

Receivables

Short-term financial assets typically arising from sales of goods or services on credit that a company expects to collect within a year.

Reported Separately

Items or transactions that are significant enough to be listed individually in financial statements or reports to enhance clarity.