BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Binding to the extent admitted
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Null and void
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Rewritten and signed by both parties
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None of these
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Detailed explanation-1: -The Statute of Frauds prohibits a person from legally entering into oral contracts for certain kinds of agreements. The Statute of Frauds applies to executory contracts only. Agreements by an executor or administrator to pay debts of a deceased person must be in writing to be enforceable.
Detailed explanation-2: -Contracts that Cannot be Performed Within One Year. Under this provision of the Statute of Frauds, contracts that cannot be performed within one year of the contract being made must be in writing. The one-year time period is measured from the date that the contract is made.
Detailed explanation-3: -If two parties enter into an oral contract that falls under the Statute of Frauds and both parties have fully performed according to its terms, neither party can seek to set aside the transaction on the ground that there was no writing.
Detailed explanation-4: -Contracts Covered by the Statute of Frauds Any promises made in connection with marriage, including such gifts as an engagement ring. Contracts that cannot be completed in less than one year. Contracts for the sale of land. (Leases need not be covered unless they’re of a year or more in length.)