A Contract for the Sale of Land

question 16

Multiple Choice

A contract for the sale of land:

• A)Must be in writing only if the value of the land exceeds $500.
• B)Requires at least two promisors.
• C)Must be in writing in order to be enforceable.
• D)Is governed exclusively by the Uniform Commercial Code.
• E)Must be in writing or there is no contract.

---

Definitions:

Money Supply

The total economic resources available in an economy at a certain period, including cash, coins, and the money in checking and savings accounts.

Inflation Tax

The implicit tax that holders of cash experience due to a decrease in purchasing power caused by inflation.

Printing Money

The process by which the central bank of a country increases the amount of currency in circulation, often leading to inflation if not carefully managed.

Nominal Interest Rate

The nominal interest rate refers to the percentage increase in money that the borrower pays the lender, excluding any adjustments for inflation.