Consumer Protection Statutes May Require a Writing That Is More

question 2

True/False

Consumer protection statutes may require a writing that is more detailed than the writing required by the statute of frauds provision of the Uniform Commercial Code.

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Definitions:

Bad Debts Expense

The cost to a business of uncollectible accounts receivable.

Accounts Receivable

Financial obligations of customers towards a firm for delivered services or goods yet to be paid for.

Promissory Note

A financial instrument containing a written promise by one party to pay another party a definite sum of money either on demand or at a specified future date.

Maker

In terms of financial instruments, the maker is the party that creates or issues the instrument, such as a check or promissory note.