The Statute of Frauds Requires Certain Types of Contracts to Be

question 5

True/False

The Statute of Frauds requires certain types of contracts to be evidenced by some form of written communication.

---

Definitions:

Capital Goods

Assets utilized by businesses to create wealth through the manufacturing of goods and services, including buildings and tools.

Opportunity Cost

The sacrifice of potential rewards from different possibilities upon opting for one alternative.

Production Possibilities Curve

A graphical representation showing the maximum combination of goods or services that can be produced with given resources and technology.

Negative Slope

A feature of a line on a graph that indicates a decrease in the dependent variable as the independent variable increases.