Don and Etta Orally Agree on the Sale of Don's

question 2

Multiple Choice

Don and Etta orally agree on the sale of Don's Electrical Supplies Company to Etta and jot down the terms on the back of one of Don's blank invoices,which they both sign. A written memorandum evidencing an oral contract that would otherwise be unenforceable must contain

• A)every term.
• B)the essential terms.
• C)the preliminary terms.
• D)the qualitative terms.

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Definitions:

Debtors

Individuals or entities that owe money to another party, often a lender or financial institution.

Chapter 7

A provision under the U.S. Bankruptcy Code dealing with the process of liquidation, where a debtor's assets are sold off to pay creditors.

Debtor's Estate

The total assets and liabilities of a debtor that are considered in the event of bankruptcy or for satisfying debts.

Creditors

Individuals or institutions to whom money is owed by debtors.