BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Agreement
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Impossibility of Performance
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Operation of Law
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Performance
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Detailed explanation-1: -Yes. If the contract involves the sale of goods for $500 or more, then the contract must be in writing to be enforceable. Under the statute of frauds, a contract that involves the sale of goods will be required to be made in writing in order to be enforceable if the price of those goods is over $500.
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: -The first step in contract formation is when the parties recognize that they should enter into a working arrangement that would be mutually beneficial.
Detailed explanation-4: -What is the test for whether a contract is governed by the Statute of Frauds because of the one-year rule? The contract must be objectively impossible to perform within one year.