The Statute of Frauds: ______________________

question 28

Multiple Choice

The Statute of Frauds: ______________________.

• A) States that all contracts have to be in writing to be enforceable in the court of law
• B) Decrees oral contracts to be invalid and hence not upheld or enforceable by law
• C) States that certain types of contracts have to be in writing to be enforceable
• D) Maintains that agreements can be oral while contracts have to be in the written format

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Definitions:

Pierce the Corporate Veil

A legal concept where the courts set aside limited liability afforded by the corporation status to hold the shareholders personally liable for the corporation's debts and obligations.

Statutory Mandates

Legal requirements or orders enacted by a legislative body that must be followed by entities or individuals subject to its jurisdiction.

Corporate Business

An organization engaged in commercial, industrial, or professional activities, structured as a corporation providing limited liability to its owners.

Public Corporation

A company whose shares are publicly traded on a stock exchange and are owned by a wide range of investors.