Flo, an Agent for Grover, Enters into a Contract on Grover's

question 51

Multiple Choice

Flo, an agent for Grover, enters into a contract on Grover's behalf with Hong that must be in writing to be enforceable under the Statute of Frauds. Failure to comply with the equal dignity rule, with respect to this contract, can make the contract voidable at the option of​

• A) ​Flo.
• B) ​Grover.
• C) ​Hong.
• D) ​none of the choices.

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Definitions:

Personal Liability

The legal responsibility of an individual to repay debt or fulfill obligations from personal assets.

Partnership Form

An official business configuration where management roles and profit disbursements are shared among a few individuals.

Service-Type Businesses

Businesses that provide services instead of producing tangible goods.

Unlimited Life

A financial concept that assumes a corporation can continue in operation indefinitely, without a predetermined closure or liquidation date.