A Promise to Pay a Debt Must Be in Writing

question 33

Multiple Choice

A promise to pay a debt must be in writing if:

• A) the debt is for more than $500.
• B) the debt is now due and payable.
• C) the promise is to pay the debt of another.
• D) the debt owed is the promisor's.

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Definitions:

Easy Entry And Exit

A characteristic of competitive markets where firms can freely enter or leave the market with minimal barriers, ensuring competitive prices and efficiency.

Relatively Easy Entry

Characterizes markets where new competitors can join with minimal barriers, such as low startup costs or regulatory hurdles.

Similar Products

Products that serve the same or similar purposes and can be used interchangeably by consumers.

Large Number

A vague term often referring to a quantity much larger than what is typically encountered in everyday life.