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masha68 [24]
3 years ago
5

Sam, the owner of a toy store, dies unexpectedly at the age of 56. His lifelong business associate, Paul, is appointed the admin

istrator of the estate. Sam had a personal debt of $8,000 which he owed to Art's Appliance Store. Paul says to Art, "If there isn't enough money in the estate, I'll personally see that the bill is paid." Which of the following is correct?
a. The oral statement is enforceable because Paul is the administrator.
b. An oral statement such as this is not enforceable because it is outside the Statute of Frauds.
c. An oral statement such as this is not enforceable because it is within the Statute of Frauds.
d. The oral statement is enforceable because it is a collateral promise.
Business
1 answer:
Nostrana [21]3 years ago
3 0

Answer:

b. An oral statement such as this is not enforceable because it is outside the Statute of Frauds.

Explanation:

The statute of frauds (SOF) is a legal concept that requires certain types of contracts to be executed in writing. Among others, these typically include those for the sale of land, of any goods over $500 in value, and contracts of a year or more in length.

The contracts that must adhere to the statutes of fraud are Collateral contracts in which a person promises to answer for the debt or duty of another, or guaranty contracts are required to be written. Prenuptial agreements and promises made in consideration of marriage must adhere to the statute of frauds.

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8 0
2 years ago
Helena corporation declared a 2-for-1 stock split on 8,000 shares of $6 par value common stock. if the market price of the stock
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In a 2 for 1 stock split, par value and market value will be 1/2 of what they were prior to the split and number of shares will be two times what it was.

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3 0
3 years ago
In computing depreciation, salvage value isa. the fair market value of a plant asset on the date of acquisition.b. subtracted fr
kirill115 [55]

Answer:

c. an estimate of a plant asset's value at the end of its useful life

Explanation:

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The treatment of the residual value under the straight-line method or any other method is shown below:

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5 0
3 years ago
5. Which of the following is not true regarding proprietary funds? A) Enterprise funds are used by governments to account for se
Tanzania [10]

Answer:

The correct answer is D) The operation of internal service funds has no impact on other funds because it is run as a business and provides services that would have been purchased elsewhere by the other funds.

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I Think The answer is c I hope it helps Trying To help others
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