________ Are Tangible Items That You Owe That Are Worth

question 3

Short Answer

________ are tangible items that you owe that are worth money.

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Definitions:

Consideration

The benefit, interest, right, or profit involved in an agreement or contract, on which it is based.

Statute of Frauds

A legal concept requiring certain types of agreements to be executed in writing and signed by the parties involved to be enforceable.

Collateral Promises

Agreements that are secondary to a primary transaction or promise, often requiring the backup of an asset as security.

One-Year Rule

A legal provision in contract law stating that contracts which cannot be performed within one year must be in writing to be enforceable.