When Does a Waiver Have to Be in Writing and Under

question 15

Multiple Choice

When does a waiver have to be in writing and under seal?

• A) If the original contract was required to be in writing pursuant to the Statute of Frauds.
• B) If the original contract was in writing due to the parol evidence rule.
• C) If both parties have partially performed the contract.
• D) If one party has partially formed the contract.
• E) If one party has fully performed the contract.

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Definitions:

Repay

To pay back or return money that was borrowed from an individual, institution, or entity.

Allowance for Doubtful Accounts

A contra-asset account used to estimate the portion of a company's receivables that may not be collectible.

Factoring Proceeds

The cash received by a company from selling its accounts receivable to a third party, often at a discount, to immediately improve cash flow.

Noncollections

Amounts due to a company for goods or services provided that have not been collected.