Flannery and Gustavo Agree While Talking on the Phone to Form

question 30

Multiple Choice

Flannery and Gustavo agree while talking on the phone to form a partner-ship-The Home Source-to deal in transfers of real property.To be enforceable, their agreement must

• A)be filed in the appropriate state office.
• B)be in writing.
• C)involve the exchange of valid consideration.
• D)not involve a third party.

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that guide the reporting of financial information globally.

Listed Public Company

A corporation whose shares are traded on a public stock exchange, allowing for widespread ownership by investors.

Protective Rights

Rights granted to minority shareholders or debt holders to protect their interest, which may include veto powers on major corporate actions.

Capital Expenditure

Funds used by a company to acquire, upgrade, and maintain physical assets such as property, industrial buildings, or equipment.