Because the Statute of Frauds Does Not Apply Expressly to a Contract

question 56

True/False

Because the statute of frauds does not apply expressly to a contract for the formation of a partnership,usually no writing is required to create the relationship.

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Definitions:

Due Diligence

The investigation or exercise of care that a reasonable business or person is expected to take before entering into an agreement or transaction with another party.

Short-termism

A tendency to prioritize immediate gains over long-term objectives and benefits.

Sustainable Activities

Actions and practices that do not deplete resources or harm natural cycles, ensuring long-term environmental balance.

Shareholders

Individuals or entities that own shares in a corporation, making them partial owners of the company with rights to dividends and voting in corporate matters.