When the Main Purpose of the Promisor's Promise to Pay

question 6

True/False

When the main purpose of the promisor's promise to pay the debt of another is to benefit the promisor,the statute of frauds is not applicable,and the oral promise to pay the debt is binding.

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Definitions:

Resource Pricing

The determination of prices for various factors of production, including labor, capital, and natural resources, based on market dynamics.

Money-Income Determination

The process of how individual and household incomes are determined, influenced by factors such as employment, wages, and economic policies.

Demand

Demand is the quantity of a product or service that consumers are willing and able to purchase at various prices during a given period.

Resource

An economic or productive factor required to accomplish an activity, or to provide a benefit to the economy, such as raw materials, labor, and capital.