BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Hiring a caterer for a Sweet 16 that is taking place 18 months from now.
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Leasing an apartment for a year.
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Buying a motorized scooter for $450.
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Taking a loan to purchase a boat.
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Detailed explanation-1: -Sometimes, even though a contract falls within a statute of frauds, it can be enforced without meeting these two requirements. These exceptions are admission, performance, and promissory estoppel.
Detailed explanation-2: -Contracts that are required to be in writing by the statute of frauds include: contracts for mortgage or lease of land and buildings. Agreements for a sale in which the total price is $500 or more are required by the UCC, to be recorded in a written contract.
Detailed explanation-3: -What is not a valid exception to the statute of frauds? Promissory estoppel. A(n) is a statement made in court, under oath, in which one party against whom charges have been brought admits that an oral contract existed, even though the contract was required to be in writing.
Detailed explanation-4: -Common exceptions to the writing requirement are as follows: Admission Under Oath-If a party admits under oath (such as in a deposition or in a court proceeding), the contract may then be deemed enforceable.