Which of the Following Is an Exception to the Suretyship

question 47

Multiple Choice

Which of the following is an exception to the suretyship provision requirement under the statute of frauds?

• A) A collateral promise made to the creditor
• B) A promise,the leading object of which is to obtain an economic benefit for oneself
• C) A collateral promise where there are three parties and two contracts involved
• D) A promise by an executor to pay the debts of the decedent from the executor's own funds

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Definitions:

Inventories

Assets held for sale in the ordinary course of business, in the process of production for such sale, or in the form of materials or supplies to be consumed in the production process or in the rendering of services.

"Push" Approach

A marketing strategy where products are "pushed" through distribution channels to the consumers, typically involving significant promotion and sales efforts.

Process Cost System

An accounting method used to track costs in environments where goods are produced in continuous processes, such as refineries and manufacturing plants.

Production Cost Report

A document that outlines the total cost and production quantities during a specific period of time in a manufacturing department.