All of the Following Reflect Survey Findings of the Reasons

question 62

Multiple Choice

All of the following reflect survey findings of the reasons for which individuals serve on a board EXCEPT

• A) notoriety/prestige.
• B) interested in the business.
• C) make a difference.
• D) willing to always agree with executive decisions.
• E) stay active in the business community.

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Definitions:

Suretyship

A contractual arrangement where one party (the surety) guarantees the performance of a second party (the principal) to a third party (the obligee).

Statute of Frauds

is a legal principle that requires certain types of contracts to be written and signed in order to be enforceable.

Executory Contracts

Contracts under which both parties to the agreement have duties remaining to be performed. If a contract's major obligations are unfulfilled by both parties, it is seen as executory.

One-Year Provision

The one-year provision is a legal clause, often found in statutes of frauds, which requires certain contracts to be in writing and signed if they cannot be performed within one year.