A Contract in Which a Party Assumes a Secondary Obligation

question 68

True/False

A contract in which a party assumes a secondary obligation must be in writing to be enforceable.

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Definitions:

Traditional Marketplace

A physical space where buyers and sellers gather to exchange goods and services, often characterized by face-to-face transactions.

Tangible

describes physical objects that can be seen, touched, and measured, as opposed to intangible items like services or digital products.

Time Utility

The value added to products or services by making them available at the most opportune time.

Digital Marketspace

An online platform or environment where businesses and consumers can interact and conduct transactions electronically.