A Contract That by Its Own Terms Cannot Be Performed

question 39

True/False

A contract that by its own terms cannot be performed within a year must be in writing to be enforceable.

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Definitions:

Industry Standards

Established norms or criteria within an industry that act as benchmarks for quality, safety, and performance.

Domestic Operations

Business activities and transactions that occur within a company's home country.

FIFO

"First In, First Out," an inventory management and valuation method assuming the first items acquired are the first ones sold.

Gross Profit

The difference between sales revenue and the cost of goods sold before accounting for administrative and selling expenses.