Under the Agent Negotiation Rule,if a Contract Falls Within the Statute

question 60

True/False

Under the Agent Negotiation rule,if a contract falls within the statute of frauds if negotiated by one person,it must also be in writing even if negotiated by the person's agent.

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Definitions:

Spontaneous Financing

Financing provided by current liabilities that arise automatically as a result of doing business.

Accounts Payable

Short-term liabilities a company owes to its creditors or suppliers, expected to be settled within one year.

Bank Loan

A sum of money borrowed from a bank that needs to be repaid with interest.

Accrual

An accounting method that records revenues and expenses when they are incurred, regardless of when cash transactions occur.