TRUE or FALSE 1. Statute of Fraud requires that certain executed contracts must be reduced into writing to prevent the commission of fraud. 2. Annulment of the contract is the proper remedy if the contract does not reflect the real intention of the parties and the element of the consent is already present. 3. Automatic transfer of ownership from the creditor to the debtor which is prohibited by law is also known as pactum commissorium.
TRUE or FALSE 1. Statute of Fraud requires that certain executed contracts must be reduced into writing to prevent the commission of fraud. 2. Annulment of the contract is the proper remedy if the contract does not reflect the real intention of the parties and the element of the consent is already present. 3. Automatic transfer of ownership from the creditor to the debtor which is prohibited by law is also known as pactum commissorium.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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TRUE or FALSE
1. Statute of Fraud requires that certain executed contracts must be reduced into writing to prevent the commission of fraud.
2. Annulment of the contract is the proper remedy if the contract does not reflect the real intention of the parties and the element of the consent is already present.
3. Automatic transfer of ownership from the creditor to the debtor which is prohibited by law is also known as pactum commissorium.
4. Stipulation pour autrui applies only to executory contracts.
5. Mutual promise to marry which was reduced into writing is enforceable.
6. As a rule, a contract entered into by a guardian on behalf of a minor is rescissible.
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