Jordan Has the Following Assets and Liabilities: Jordan's Wealth

question 78

Multiple Choice

Jordan has the following assets and liabilities: Jordan's wealth is _____, the value of Jordan's assets is _____, and the value of Jordan's liability is _____.

• A) $107,000; $213,000; $100,000
• B) $109,000; $213,000; $104,000
• C) $111,000; $213,000; $100,000
• D) $213,000; $317,000; $104,000

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Definitions:

Statute of Frauds

a legal principle that requires certain types of contracts to be written and signed by the party being charged with the obligation to be enforceable.

One-Year Provision

A legal principle that requires certain contracts, such as those that cannot be fulfilled within one year, to be in writing to be enforceable.

Contract Comes into Existence

The point at which an agreement between two or more parties is legally enforceable, usually triggered by an offer, acceptance, and adequate consideration.

Specific Performance

A legal remedy requiring a party to fulfill their obligations under a contract, rather than providing monetary compensation for failing to do so.