The Primary Significance of Requiring Only the Signature of the Party

question 65

Multiple Choice

The primary significance of requiring only the signature of the party "against whom enforcement is sought" under the Statute of Frauds is that:

• A)The court will check to see that the signatures of both parties are present.
• B)The contract need not be signed by the party seeking to enforce the contract.
• C)Parties can be penalized for failing to sign a written contract.
• D)A party's signature must be present in order to introduce evidence from outside the four corners of the contract.

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Definitions:

Income Tax Expense

The total amount of income tax a company is required to pay to tax authorities, as calculated based on taxable income.

Deferred Tax Liability

A tax obligation that a company owes but is not due to be paid until a future period, often resulting from timing differences in recognizing income and expenses for tax and accounting purposes.

Deferred Tax Asset

A deferred tax asset is an accounting term used to describe a situation where a business has paid more taxes or anticipates paying more taxes than it is currently liable for.

Income Tax Liability

The total amount of income tax that an individual or corporation owes to tax authorities.