BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Within the Statute of Frauds
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Without the Statute of Frauds
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Detailed explanation-1: -Statute of Frauds. Statute of Frauds: A statute which requires certain types of contracts to be in writing in order to be enforceable. (5) contracts for the sale of goods valued at $500 or more.
Detailed explanation-2: -The statute of frauds is a legal doctrine that requires certain types of contracts be in writing. The most common contracts covered by the statute of frauds includes the sale of land, agreements involving goods worth over $500, and contracts lasting one year or more.
Detailed explanation-3: -Contracts that are required to be in writing by the statute of frauds include: contracts for mortgage or lease of land and buildings.
Detailed explanation-4: -First, a contract that falls within a statute of frauds will be unenforceable unless there’s a writing that proves the agreement. The writing doesn’t have to be a formal, written contract. Instead, the writing must simply prove that there was an agreement and set out any material terms of the agreement.