Which Statement About the Statute of Frauds Is True

question 31

Multiple Choice

Which statement about the Statute of Frauds is true?

• A) All contracts must be in writing in order to be enforced.
• B) Contracts for the sale of goods for $500 or more must be in writing in order to be enforced.
• C) Contracts for the sale of land for $500 or more must be in writing in order to be enforced
• D) All employment contracts must be in writing in order to be enforced.

Recognize the significance of trade name registration and the potential loss of exclusive rights due to common usage.

Distinguish between copyright, patents, registered designs, and trademarks in safeguarding intellectual property.

Identify the conditions under which a design can be subject to registered design legislation.

Comprehend the Industrial Design Act's requirements for registering a design.

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Definitions:

Cost Driver

A factor that causes the costs of an activity to increase or decrease.

Sequential Method

A cost allocation technique that processes cost pools in a pre-determined order, allocating costs to one cost object before moving on to the next.

Support Department Allocations

The process of attributing a portion of support (or indirect) department costs to the producing departments within an organization, based on agreed-upon criteria.

Cost Driver

A factor that causes a change in the cost of an activity; it directly impacts the cost of manufacturing goods or delivering services.