An Oral Contract That Should Be in Writing to Be

question 63

True/False

An oral contract that should be in writing to be enforceable under the Statute of Frauds may be enforceable if it has been partially performed.

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Definitions:

Current Cost

The cost that would be incurred to replace an asset or inventory at present prices, differing from historical cost which is based on the value at the time of acquisition.

FASB

The Financial Accounting Standards Board, responsible for establishing and improving financial accounting and reporting standards for the public interest.

Financial Statements

Papers that offer a summary of a corporation's fiscal health, comprising the balance sheet, income statement, and cash flow statement.

SEC

The U.S. Securities and Exchange Commission, a regulatory body tasked with protecting investors, maintaining fair and orderly functioning of securities markets, and facilitating capital formation.