Which of the Following Types of Contracts Are Beyond the Scope

question 37

Multiple Choice

Which of the following types of contracts are beyond the scope of application of the statute of frauds?

• A) contracts for sale of goods worth $500 or more
• B) contracts for mortgages, mining rights, and easements
• C) oral contracts for services that last more than 20 months
• D) collateral contracts to pay the debt of another person
• E) contracts involving interest in land

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Definitions:

Short-Term Creditors

Short-term creditors are lenders or suppliers to whom a company owes money that is due to be paid back within a short period, typically within one year.

Liquidity

A measure of how easily assets can be converted into cash without significant loss of value.

Supplier

A party that provides goods or services to another entity, typically in a B2B (business-to-business) relationship.