Define the statute of frauds and give an example
The statute of frauds is a law requiring that certain designated types of contracts be in writing to be enforceable. The original, English statute became law in 1677.
Examples: Types of contracts required to be in writing to be enforceable include contracts to pay the debt of another, contracts that cannot possibly be performed within one year, contracts in consideration of marriage, contracts of an executor of an estate to personally pay a debt of the estate, agreements for the transfer of an interest in land, and contracts for the sale of goods with a price of $500 or more.
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Noncompliance with laws and regulations includes only acts of omission by the entity that are considered to be unintentional and contrary to the prevailing laws or regulations
a. True b. False Indicate whether the statement is true or false
A busy mom stops at a 7-Eleven store on the way home from work to purchase some bread, milk, and ice cream. What primary economic need is being satisfied by the 7-Eleven?
A. efficiency in operation B. economy of purchase C. dependability in use D. convenience
The members of the management faculty in the business school go out at the end of the semester to a local restaurant for dinner and socializing. They are both a formal and informal group.
Answer the following statement true (T) or false (F)
Which of the following is true of measurement?
A. The goal of the construct development process is to precisely measure each construct. B. It is the process of developing methods to systematically characterize or quantify information about persons, events, ideas, or objects of interest. C. The process of measurement begins with scale measurement followed by construct development. D. As part of the measurement process, researchers assign numbers to phenomena they measure but do not label them. E. As part of the measurement process, researchers assign labels to phenomena they measure but do not assign numbers to them.