Introductory Business Law CLEP Prep Practice Exam

What is used to prove the existence of a contract?

1. Written memorandum

2. Oral statement

3. Performance of the contract

4. All of the above

The correct answer is: All of the above

All of the above options can be used to prove the existence of a contract, but they may have varying weights of evidence. A written memorandum provides tangible proof of the agreement between parties, while an oral statement may be less reliable and open to interpretation. The performance of the contract can also be used as evidence, as it shows that both parties have agreed to and acted upon the terms of the contract. Therefore, it is important to have a combination of these options to provide the strongest evidence for the existence of a contract.