A Memorandum Must Include All of the Following to Satisfy

question 3

Multiple Choice

A memorandum must include all of the following to satisfy the Statute of Frauds, except the:

• A) family details of the parties.
• B) names of the parties.
• C) purpose of the agreement.
• D) signatures of the parties.

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Definitions:

Substitute

A product or service that can be used in place of another to satisfy similar needs or demands.

Industry Entry

The process of a new competitor or business entering into a market or industry.

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices at a given time.

Long Run

That period of time for which there are no fixed factors of production: Firms can increase or decrease the scale of operation, and new firms can enter and/or existing firms can exit the industry.