If a Contract to Do Something in Certain Intervals Over

question 20

True/False

If a contract to do something in certain intervals over a period of less than one year is not in writing,it is not enforceable.

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Definitions:

Service Contract

A service contract is a legally binding agreement between two parties where one agrees to provide a specified service to the other for a payment.

SEC

The U.S. Securities and Exchange Commission, a federal agency that regulates the securities markets and protects investors.

Revenue Recognition Criteria

The set of guidelines that determines the specific conditions under which revenue is recognized in the accounting period.

Fixed-Price Contract

A contract where the service or product delivery price is agreed upon before the work begins, regardless of the actual costs incurred during the project.