Asked by Kaitlyn Foley on Apr 28, 2024
Verified
Ann and Susan want to enter into a partnership business of selling cars for a term of five years.They must prepare a partnership agreement in writing to be enforceable under the statute of frauds.
Statute Of Frauds
A legal principle requiring certain contracts to be in writing and signed in order to be enforceable.
Partnership Agreement
A formal written agreement among business partners detailing the management, decision-making, and distribution of profits or losses.
Enforceable
A term referring to an agreement, contract, or law that is legally valid and can be upheld or compelled in a court of law.
- Know the requirements for enforceable partnership agreements under specific conditions.
Verified Answer
DO
Danielle Orfitelli RosenbergApr 29, 2024
Final Answer :
True
Explanation :
Although a partnership agreement is not required to form a partnership,it is highly desirable for the same reasons that written contracts are generally preferred.In addition,the statute of frauds requires a writing for a partnership having a term of a year or more.
Learning Objectives
- Know the requirements for enforceable partnership agreements under specific conditions.