An Oral Contract Can Be Enforced When It Relates To

question 31

Multiple Choice

An oral contract can be enforced when it relates to:

• A) the purchase of a television set for $200.
• B) the sale of an interest in land for $400.
• C) managing a factory for five years.
• D) a promise to answer for the debt of another.

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Definitions:

Public Interest

Denotes the well-being of the general public and the consideration of what is beneficial for society as a whole.

Economic Profits

Profits exceeding the opportunity costs of all inputs, indicating a return beyond the norm expected in the market or industry.

Industry

A sector of the economy characterized by a specific type of activity or product, such as manufacturing, technology, or services.

Firms

Business organizations that produce goods or provide services with the aim of making a profit.