If a Party Against Whom Enforcement of an Oral Contract

question 32

True/False

If a party against whom enforcement of an oral contract is sought admits under oath that a contract for sale was made, the contract will be enforceable.​

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Definitions:

Deferred Revenue

Revenue that has been received by a company for goods or services yet to be delivered or performed.

Accrued Expense

An accounting term referring to an expense that has been incurred but not yet paid, leading to an accounts payable.

Prepaid Expenses

Costs that are paid in advance for goods or services to be received in the future, recognized as assets on the balance sheet.

Journal Entries

Recorded transactions in the accounting records of a business, detailing the financial activities and their impact on various accounts.