The Statute of Frauds Requires That

question 9

Multiple Choice

The statute of frauds requires that:

• A)some contracts be evidenced by a writing.
• B)all contracts involving fraud must be void.
• C)all three-party contracts be collateral ones.
• D)there can be no secondary debts in a contract.

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Definitions:

Net Income and Losses

The difference between total revenues and total expenses, indicating the financial performance of a company over a specific period.

Sale

A transaction between two parties where the ownership of goods, services, or assets is transferred from the seller to the buyer for an agreed amount of money or value.

Journal Entry

A record in the books of accounts that represents a business transaction and its effects on the company's finances.

Journal Entry

A record in accounting that represents a transaction and its effect on various accounts, used to transfer amounts from one account to another.