To Be Enforceable, a Memorandum Evidencing an Oral Contract Must

question 60

True/False

To be enforceable, a memorandum evidencing an oral contract must identify the consideration.

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Definitions:

Risk-Averse

Characteristic of preferring to avoid risk, leading to preference for safer, more certain outcomes over riskier ones.

Marginal Utility

The additional satisfaction or utility that a consumer receives from consuming one more unit of a good or service.

Expected Value

The anticipated value or return of a variable, taking into account all possible outcomes and their probabilities.

Income

Money received, especially on a regular basis, for work or through investments.