Kathy and John Decide to Form a Partnership to Sell

question 21

Multiple Choice

Kathy and John decide to form a partnership to sell fish food to local fish farms for the next five years. To be enforceable under the Statute of Frauds, the partnership agreement

• A) must be signed by a notary public.
• B) must be in writing.
• C) must be oral.
• D) cannot involve a third party.

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Definitions:

S And D

Shorthand for Supply and Demand, the interaction between the quantity of goods offered by the market and the desires of consumers.

Overproduction

A situation where more goods are produced than can be sold, leading to surplus inventory and often resulting in waste or economic imbalances.

Market Price

The existing rate at which a service or asset is offered for buying or selling in a certain market.

Consumer Surplus

The difference between the amount that consumers are willing to pay for a good or service and the actual amount they pay.