BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Capacity
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Consideration
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Legality
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Offer
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Detailed explanation-1: -Leases are not within the statute of frauds writing requirement.
Detailed explanation-2: -The Statute of Frauds can be satisfied by any signed writing that (1) reasonably identifies the subject matter of the contract, (2) is sufficient to indicate that a contract exists, and (3) states with reasonable certainty the material terms of the contract.
Detailed explanation-3: -There are two exceptions to the parol evidence rule: the collateral contract exception and the ambiguity exception.
Detailed explanation-4: -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.