Which of the Following Statements Is True of Oral Contracts?​

question 5

Multiple Choice

Which of the following statements is true of oral contracts?​

• A)​They are less formal than written contracts.
• B)​They have the finality of a written contract.
• C)​They don't provide a clear understanding of tasks to be accomplished.
• D)​They don't need to be documented in case records.

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Definitions:

Electronic Fund Transfer Act

U.S. legislation that aims to protect consumers engaging in electronic transfers of funds, including direct deposits, ATM transactions, and debit card payments.

UCC Article 4A

Governs the transfer of funds via electronic means between banks and provides rules for electronic payment orders.

Commercial Electronic Fund Transfer

Electronic transactions between businesses for the purpose of transferring funds directly from one bank account to another.

Substitute Check

A negotiable instrument that is a paper reproduction of the front and back of an original check and contains all of the same information required on checks for automated processing.