BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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completed within a year
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be in writing
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benefiting only one party
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free of stipulations
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Detailed explanation-1: -Statute of Frauds: A statute which requires certain types of contracts to be in writing in order to be enforceable.
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: -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: -Which of the following is true regarding the Statute of Frauds’ writing requirement? The writing must indicate the parties’ identities. Whose signatures are needed in order to satisfy the Statute of Frauds? Only the signature of the party against whom enforcement is being sought.