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:

Specific Length

A term that might refer to the fixed duration or measure of something, but without more context, its application is too broad to define precisely here.

JIT Systems

Just-In-Time systems refer to an inventory management strategy aimed at increasing efficiency and reducing waste by receiving goods only as they are needed in the production process.

Similar Manufacturers

Companies within the same industry that produce similar products or services, often considered when analyzing market competition or industry standards.

Carrying Costs

The expenses associated with holding inventory, including storage, insurance, taxes, and opportunity costs.