MANAGEMENT

Detailed explanation-1: -The following types of business contracts must usually be in writing to be legally enforceable: Contracts governing the purchase or transfer of land. Contracts relating to activities that will extend beyond one year. Contracts involving the sale of goods above $500.

Detailed explanation-2: -(h) An agreement enforceable by law is a contract; (i) An agreement which is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others, is a voidable contract; (j) A contract which ceases to be enforceable by law becomes void when it ceases to be enforceable.

Detailed explanation-3: -There are 4 elements of a contract, namely, an offer made by the offeror, an acceptance of that offer by the offeree, intention of the parties to create legal relations and consideration passes between the parties.