All of the Following Are True of the Statute of Frauds

question 20

Multiple Choice

All of the following are true of the Statute of Frauds, EXCEPT:

• A) the name is taken from the English law of 1677.
• B) the name is a derivative of a law called "An Act for Prevention of Frauds and Perjuries."
• C) it does not prohibit a person from legally entering into oral contracts.
• D) it applies to executory and executed contracts.

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Definitions:

Borrowing Money

The act of obtaining funds from another party, typically a financial institution, with the promise to return the principal amount along with interest.

Issuing Stock

The process by which a company releases its shares to the public or existing shareholders to raise capital.

Purchase Assets

The act of acquiring ownership or a controlling interest in physical or intangible items that have value, for operational or investment purposes.

Real Assets

Physical or tangible assets such as real estate, commodities, and natural resources.