Question

International Business, Inc. (IBI), agrees to assume a debt of Southern Export Company to First National Bank. This promise is for the benefit of IBI. To be enforceable, the promise must be in writing if the debt is for Group of answer choices

Answer 1

Complete Question:

International Business, Inc. (IBI), agrees to assume a debt of Southern Export Company to First National Bank. This promise is for the benefit of IBI. To be enforceable, the promise must be in writing if the debt is for O $5,000.none of the above. $50. $500.

Answer:

none of the above.

Step-by-step explanation:

The choices do not provide any clue for further explanation. However, one can identify that the promise to assume a debt is a contract. For most business contracts to be enforceable, there is the need for the promise to be in writing. This provides a documented evidence which can be tendered in the court of law. It is a known adage that a short pen is greater than a long memory. So, exchange of promises or consideration is better done in writing form than orally.