​To Be Enforceable, a Writing Evidencing an Oral Contract Must

question 6

True/False

​To be enforceable, a writing evidencing an oral contract must have been signed by the party who seeks to enforce it.

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Definitions:

Revenues

The total income generated by a company from its business activities, typically from the sale of goods or services before any expenses are subtracted.

Expenses

Outflows of resources or incurrences of liabilities that a company undergoes as part of its operations to generate revenue.

Drawings

It refers to the amount of money or the value of goods taken from the business by the owner for personal use.

Withdrawal Of Cash

The act of taking out cash from a business by the owners for personal use.