Terry and Farah have an oral contract for the sale of 100 books at $30 per book. If Terry delivers the books and Farah accepts them, or if Farah pays for the books and Terry accepts payment, which of the following is true?
A. Neither Terry nor Farah can raise the statute of frauds defense as the agreement has been performed at least partially.
B. Farah can raise the statute of frauds defense to enforce the remainder of the contract.
C. Terry can raise the statute of frauds defense to enforce the remainder of the contract.
D. Both Terry and Farah can raise the statute of frauds defense as it is a complete performance.
Answer: A
You might also like to view...
The allowance method of handling bad debts violates the matching principle
Indicate whether the statement is true or false
During the ________ stage of the group development process, a relatively clear hierarchy of leadership and agreement on the group's direction emerge.
A. forming B. storming C. norming D. performing
JAX Inc In early 2012, JAX Inc had budgeted for the production and sales of 5,000 units at a sales price of $15 per unit. The following information is available regarding the standard cost for each unit: Direct materials: 1.50 pounds at $2.50 per lb Direct labor: 30 minutes of assembly at $.20 per minute Actual results for 2012 were determined to be as follows: Number of units produced and sold:
5,600 units Sales revenue: $100,800 ($18 per unit) Direct materials cost: $ 22,848 (9,520 lbs purchased and used at $2.40 per lb) Direct labor cost: $ 38,192 (173,600 minutes at $.22 per minute) Refer to the JAX Inc information above. What was JAX Inc's direct labor rate variance for 2012? A) $3,360 F B) $3,360 U C) $3,472 F D) $3,472 U
If a payer bank pays the altered amount on an altered check, it can recover the altered amount minus the original tenor from the party who presented the altered check for payment
Indicate whether the statement is true or false