A Contract That Can,by Its Own Terms,be Performed Within One

question 16

True/False

A contract that can,by its own terms,be performed within one year from the day after the contract is formed must be in writing to be enforceable under the Statute of Frauds.

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Definitions:

Unlimited Liability

Partners may be personally liable for debts of the partnership.

Limited Risk

Financial exposure that is knowingly restricted or minimized in investments or business operations.

Articles of Partnership

A legal document that specifies the rights, duties, and obligations of each partner participating in a partnership business.

Marital Status

The legally defined relationship status of an individual in regard to marriage, such as single, married, divorced, or widowed.