Equipment Rental Corporation and Fine Farms, Inc. are parties to an oral agreement for a lease of goods with payments in excess of $1,000. They may satisfy the Statute of Frauds by : a) doing nothinge b) xecuting a written memorandum of their oral agreement c) paying each other additional consideration d) having their representatives restate the terms in a phone call.

Question

Social Studies

Brycen Vance

19 November, 13:11

Equipment Rental Corporation and Fine Farms, Inc. are parties to an oral agreement for a lease of goods with payments in excess of $1,000. They may satisfy the Statute of Frauds by : a) doing nothinge b) xecuting a written memorandum of their oral agreement c) paying each other additional consideration d) having their representatives restate the terms in a phone call.

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Preston Reed · Answer 1

The correct option is B

Explanation:

The statute of frauds is a legal concept that requires certain types of contracts to be executed in writing. These include those for the sale of land, of any goods over $500 in value, and contracts of a year or more in length.

Othe agreements covered by the statute of frauds include; Promises made in connection of marriage, contracts that cannot be completed in less than a year, contracts for the sale of land, promises to pay an estate's debt frm the personal funds of the Executor etc.