Asked by Brittany Moncrief on May 01, 2024
Verified
Grain Co-op LLC and Hearty Cereals Inc. discuss the terms of a contract for deliveries of corn over a two-year period. This transaction falls within the provision of the Statute of Frauds involving
A) collateral promises.
B) the one-year rule.
C) all of the choices.
D) transfers of interests in real property.
Statute of Frauds
A legal concept requiring certain types of agreements to be executed in writing and signed by the parties involved to be enforceable.
Collateral Promises
Agreements that are secondary to a primary transaction or promise, often requiring the backup of an asset as security.
One-Year Rule
A legal provision in contract law stating that contracts which cannot be performed within one year must be in writing to be enforceable.
- Discern the importance of inscribed agreements in upholding contracts as required by the Statute of Frauds.
- Distinguish between the types of contracts that require written evidence and those that do not.
Verified Answer
Learning Objectives
- Discern the importance of inscribed agreements in upholding contracts as required by the Statute of Frauds.
- Distinguish between the types of contracts that require written evidence and those that do not.
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