The Statute of Frauds Must Be Complied with to Make

question 40

Multiple Choice

The Statute of Frauds must be complied with to make an employment contract enforceable where the contract

• A) has only been reduced to an exchange of letters.
• B) is of fixed duration greater than one year.
• C) is of indefinite hiring.
• D) is for a salaried position.
• E) meets the organizational test.

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Definitions:

Operating Activities

Day-to-day business functions and transactions that affect a company's net income, primarily revenue and expense activities.

Net Income

The amount of money that remains after subtracting all expenses, taxes, and costs from total revenue.

Cash Dividends

Payments made by a corporation to its shareholder members. It is the share of profits distributed.

Bonds Payable

Long-term liabilities representing money a company must pay back to bondholders by a specified maturity date.