The Statute of Frauds

question 19

Multiple Choice

The statute of frauds:

• A) requires full disclosure in the case of consumer sales on credit.
• B) requires a seller of real estate to obtain a broker's license.
• C) specifies the punishment of perjury.
• D) requires that a contract for the sale of land be evidenced by a writing.

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Definitions:

Loan

A sum of money that is borrowed, usually from a financial institution, which requires repayment with interest over a set time frame.

Invested Funds

Money allocated into financial ventures with the expectation of achieving a profit or gaining an income.

Accumulate

The process of gathering or increasing an amount of something over a period of time.

Compounded Annually

The calculation of interest on both the initial principal and the accumulated interest from past periods once a year.