Asked by Heather Weathers on Jul 06, 2024
Verified
Mr.Green and Mr.Blue contract orally to transfer 500 widgets for $1,000.Mr.Blue sends Mr.Green a receipt one week after the agreement.If Mr.Green now refuses to recognize the agreement a court will find what?
A) That a memorandum of agreement was created by the receipt sent by Mr.Blue and an enforceable agreement exists
B) That no agreement exists because there is no typed agreement according to the statute of frauds
C) There is no enforceable agreement because the receipt was not sent at the same time as the agreement
D) The agreement is not enforceable because the Secretary of State did not approve the agreement
Memorandum of Agreement
A document outlining an agreement between parties before finalizing a more formal contract, detailing the preliminary terms and conditions.
Statute of Frauds
A legal concept that requires certain types of contracts to be executed in writing and signed by the party to be charged.
Typed Agreement
A formal contract that has been created and recorded in written form, usually typewritten, to outline specific terms and conditions between parties.
- Comprehend the value of documented evidence in confirming obligations under a contract.
- Understand the requirements for a memorandum to satisfy the statute of frauds under the Uniform Commercial Code (UCC).
Verified Answer
Learning Objectives
- Comprehend the value of documented evidence in confirming obligations under a contract.
- Understand the requirements for a memorandum to satisfy the statute of frauds under the Uniform Commercial Code (UCC).
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