In Which of the Following Situations Is It Likely That

question 30

Multiple Choice

In which of the following situations is it likely that you may NOT need a written contract?

• A)You are dealing with a party you do not know well,so you need to remain flexible.
• B)You are buying land from a member of your family.
• C)The terms of the agreement are simple and the value of the transaction is small.
• D)You have negotiated with the other party enough that you both know what the other person intends.

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Definitions:

Misspelled Name

An error in the spelling of an individual's or entity's name, potentially affecting legal documents or contracts.

Illegal

Activities or actions that are prohibited by law or statute, and can lead to penalties or other legal consequences.

Endorsement For Deposit

A directive, usually on the back of a check, indicating that the check should be deposited into the account of the person named in the endorsement.

Restricts

Limits or confines actions, behaviors, or movements within certain parameters or conditions.