Although Not Covered by the Original Statute of Frauds, Most

question 58

Multiple Choice

Although not covered by the original statute of frauds, most states have statutes requiring a writing to make all but which of the following contracts enforceable?

• A) A contract to make a will.
• B) A contract authorizing an agent to sell real estate.
• C) Contracts for the sale of securities.
• D) Contracts creating certain types of security interests.

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Definitions:

Cost Basis

The original value of an asset for tax purposes, typically the purchase price, adjusted for stock splits, dividends, and return of capital distributions, used to calculate capital gains or losses upon sale.

Appraisal Value

an estimated market value of an asset, typically determined by a professional appraiser based on condition, market trends, and other factors.

Purchase

The act of acquiring goods or services, often involving a legal transaction.

Note Payable

A written promise to pay a specific amount of money, usually including interest, by a certain date.