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Any Collateral Promise Falls Outside the Statute of Frauds and Does

question 14

True/False

Any collateral promise falls outside the Statute of Frauds and does not need to be in writing to be enforceable.

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Definitions:

Statement Of Cash Flows

A financial statement summarizing the total cash earnings from a company's operational activities and external investments, alongside the outlays for operational expenses and investment costs within a specific timeframe.

Used During

"Used during" typically relates to a period or occasion when a specific resource, process, or activity is utilized or occurs.

Net Income

The total profit of a company after all expenses, including taxes and operating costs, are deducted from total revenues.

Total Expenses

The sum of all costs and expenses incurred by a business or individual in a specified period.

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