Duane and Evan Orally Agree to a Transfer of Forty

question 28

Multiple Choice

Duane and Evan orally agree to a transfer of forty acres of farmland. Evan asks Finance Bank to lend him the funds to buy the land. Under the Statute of Frauds, the agreement between Duane and Evan is enforceable by

• A)Duane or Evan.
• B)Duane, Evan, or Finance Bank.
• C)Finance Bank.
• D)none of the choices.

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Definitions:

Long-Term Investment

Investments in securities or other assets that are intended to be held for several years or more.

Cash Dividends

Payments made by a corporation to its shareholders as a distribution of profits, typically in cash form, reflecting the company's profitability.

Cost Method

An accounting method used for investments, where the investment is recorded at its acquisition cost and adjustments are made for dividends received and changes in fair value are not recorded.

Trading Securities

Financial instruments bought and held primarily for selling them in the near term to profit from short-term price movements.