An Oral Contract Can Be Enforced When It Relates To

question 31

Multiple Choice

An oral contract can be enforced when it relates to:

• A) the purchase of a television set for $200.
• B) the sale of an interest in land for $400.
• C) managing a factory for five years.
• D) a promise to answer for the debt of another.

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Definitions:

Merchandise Inventory

Goods held for sale to customers in the ordinary course of business.

Accounts Receivable

This term refers to the money owed to a company by its customers for goods or services that have been delivered but not yet paid for.

Accounts Payable

The amount of money a company owes to suppliers or creditors for goods and services received but not yet paid for.

Merchandise Inventory

Goods held for sale by a business, typically in a retail or wholesale setting, valued at either cost or market price.