The Effect of the Statute of Frauds (Or Any Other

question 48

Multiple Choice

The effect of the Statute of Frauds (or any other statutory provision in provinces that have repealed it) is that none of the following may be brought in a court of law unless they are in writing and signed by the party to be charged:

• A) a contract concerning an interest in land;
• B) a promise by an executor or administrator to settle a claim out of his or her own personal estate;
• C) a guarantee agreement;
• D) a contract concerning an interest in land and a guarantee agreement;
• E) All of the responses are correct.

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Definitions:

Nonunionized

Workplaces or employees that are not part of a labor union and do not engage in collective bargaining.

Efficiency Wages

Wages that are deliberately set above the market equilibrium level by employers to increase productivity and efficiency among employees.

Below-equilibrium

A situation where the quantity demanded exceeds the quantity supplied at a given price.

Principal-agent Problem

A dilemma in which one party (the agent) is expected to act in the best interest of another party (the principal) but may have the incentive to act in their own interest instead.