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Kyle, a college student, is looking at a photo album, and sees a picture of himself (which he has seen before) when he was in elementary school. His mom tells him, however, that the picture is actually his father, when he was in elementary school. The next time Kyle sees the picture, he thinks "that's my dad when he was a little kid." What has just occurred to Kyle's memory of that picture?
Statute of Frauds
A legal principle requiring certain types of contracts to be in writing and signed by the party to be charged, to be enforceable.
Oral Agreement
A verbal commitment between parties that is not recorded in written form but may still be legally binding.
Collateral
Assets pledged by a borrower to secure a loan or other credit, and subject to seizure on default.
Original
In legal and official documents, "original" refers to the first form or version of a document that has not been copied, altered, or replicated.
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