According to the Main Purpose Doctrine, _____

question 27

Multiple Choice

According to the main purpose doctrine, _____.

• A) a promise to pay the debt of another need not be writing to be enforceable if the promisor was motivated by a desire for advantage or benefit
• B) there should be a pattern of behavior between parties showing how they intend their relationship to work
• C) there should be a systematic and uniform conduct in which parties engage after they enter into a contract
• D) the Statute of Frauds dispenses with a writing requirement when one party performs his or her part of the contract
• E) if at its making, a contract could have been performed in one year, no writing is required

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Definitions:

CVP Graph

A visual representation of the Cost-Volume-Profit analysis that shows the relationship between total costs, sales volume, and profit.

Profit and Loss

The profit and loss statement is a financial report that summarizes revenues, costs, and expenses incurred during a specific period, usually a fiscal quarter or year.

CVP Chart

A graphical representation used in Cost-Volume-Profit analysis to show the effects of different levels of volume and cost on operating profits.

Cost-Volume-Profit Data

Information that shows how changes in cost and volume affect a company's profit, used for making short-term economic decisions.