Explain the Statute of Frauds
What will be an ideal response?
The Statute of Frauds requires that some contracts be in writing to be enforced. (Oral contracts can be valid.) Contracts involving the sale of real estate/property must be in writing; a contract that cannot be performed in a year; a contract for the sale of goods over $500, etc.
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Crystal Corp. is an independent distributor that distributes cosmetics, apparels, shoes, and bags to other business customers on a large scale. It does not take legal title to the goods it distributes. In this scenario, it can be said that Crystal Corp. is a(n) _____.
A. retailer B. broker C. merchant wholesaler D. end user
Which of the following is likely to violate the due process clause:
a. laws that do not treat people equally b. laws that shock the conscience of a court c. laws that infringe on fundamental liberty interests d. b and c e. a, b and c
A company should restrict access to payroll files (paper and/or electronic) as a part of ________.
A) File security internal controls B) Audit trail requirements C) Compliance with company policy D) FATCA requirements
Assume a company has many foreign-based subsidiaries. In what ways can ERP improve preparation of consolidated financial statements?