A Guaranty Contract Must Be in Writing to Be Enforceable

question 22

True/False

A guaranty contract must be in writing to be enforceable.

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Definitions:

Tax Base

The total amount of assets or revenue that a government can tax to fund its operations and services.

Sectors

Distinct parts or areas within an economy, characterized by a specific kind of activity, such as the agricultural, manufacturing, or service sector.

Regressive Tax

A tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases, disproportionately affecting low-income earners.