An Oral Contract May Be Enforceable If Enforcing the Promise

question 41

True/False

An oral contract may be enforceable if enforcing the promise is the only way to avoid injustice.

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Definitions:

Financing Statement

A document filed by a creditor to give public notice of a security interest in property of the debtor, used in UCC filings.

Security Interest

A legal claim or lien on collateral that secures the performance of an obligation, typically the repayment of a debt.

Attachment

A legal process by which a court of law, at the request of a creditor, designates specific property owned by the debtor to be transferred to the creditor or sold for the benefit of the creditor.

Documents Of Title

Legal documents that provide proof of ownership over goods or property, crucial in the transfer of rights from one party to another.