Asked by Heath Gillette on Jun 27, 2024
Verified
In most jurisdictions, if the court classifies the nature of a third-party agreement as a guarantee, there is no requirement of writing.
Requirement of Writing
A legal principle that certain contracts or agreements must be in written form to be legally valid.
Guarantee
A promise or assurance, typically in writing, that certain conditions will be fulfilled, especially that a product will meet certain quality and performance standards.
Third-Party Agreement
A legally binding contract that involves a party outside of the two primary entities involved in a transaction or agreement.
- Distinguish between different forms of contracts and the necessity of writing for enforceability.
Verified Answer
JL
Jennifer LodewykJun 28, 2024
Final Answer :
False
Explanation :
In most jurisdictions, a guarantee must be in writing to be enforceable due to the Statute of Frauds, which requires certain types of contracts, including guarantees, to be in writing to prevent fraudulent claims.
Learning Objectives
- Distinguish between different forms of contracts and the necessity of writing for enforceability.