Although Not Covered by the Original Statute of Frauds, Most

question 22

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:

Functional Currency

The main currency used by a business or in an economy, often the domestic currency or the currency of the primary economic environment in which the entity operates.

Foreign Currency

Refers to currencies other than the domestic currency of a company, used in international trade and investment.

Liabilities

Financial obligations or debts owed by a company to others, which are expected to be paid or settled in the future.

Functional Currency

The currency of the primary economic environment in which an entity operates and carries out its day-to-day transactions.