A Contract Must Be in Writing Under the Statute of Frauds

question 66

Multiple Choice

A contract must be in writing under the Statute of Frauds if:

• A)According to its terms,it cannot be performed within 1 year.
• B)Its actual performance is not completed within 1 year.
• C)No one could perform the duties within 1 year.
• D)It would take no one more than a year to perform.
• E)In the past,no one has performed a similar contract within 1 year.

Understand the concept of comparative advantage and its application in international trade.

Comprehend the implications of specialization and trade for global economies.

Grasp the benefits of free trade and the negative impacts of trade restrictions.

Recognize the factors determining whether a country exports or imports a particular good.

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Definitions:

Magnuson-Moss Warranty Act

A federal law enacted in 1975 that governs warranties on consumer products to ensure transparency and fairness.

Transferee

An individual or entity that receives the transfer of property, rights, or interest from another.

Comprehensive Consumer Credit Report

A detailed report containing the credit history of an individual, including credit accounts, inquiries, and public records, used by lenders to determine creditworthiness.

Character

The set of moral and mental qualities and beliefs that distinguish one person from another.