Why Is the Contract for the Insurance of a Building

question 26

Multiple Choice

Why is the contract for the insurance of a building not covered within the real estate provision of the statute of frauds?

• A)It does not involve the transfer of interests in land.
• B)It involves a physical asset.
• C)It involves two or more parties.
• D)It need not be in writing.

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Definitions:

Market

A place or mechanism where buyers and sellers interact to trade goods, services, or securities, determining prices through supply and demand.

Franchisee

An individual or company that is granted the right by a franchisor to operate a business under the franchisor's trademark and business model.

License

A legal permission granted by an authority to conduct business, use intellectual property, or undertake certain activities.

Market

A venue or system where buyers and sellers interact to trade goods, services, or financial instruments.