Asked by Nathan Tsung on Jul 05, 2024
Verified
Ned and Bill complete an oral contract for the sale of land from Ned to Bill for $100,000.Bill pays Ned the $100,000,and then begins to build his house on the land.At this point,Ned says that the deal is off and refuses to convey the deed to Bill.In doing so,Ned relies on the statute of frauds.Is this agreement enforceable by Bill?
Statute of Frauds
A legal concept that requires certain types of contracts to be executed in writing and signed by all parties involved, to be enforceable.
Oral Contract
An oral contract is an agreement between two or more parties that is spoken and not written down, yet is legally binding.
Convey the Deed
The act of transferring title of real property from one person or entity to another through a legal document.
- Comprehend the principle and utilization of the statute of frauds within contractual agreements.
- Comprehend the function of verbal agreements and their constraints.
- Recognize the corrective measures accessible for agreements that do not adhere to the statute of frauds.
Verified Answer
Learning Objectives
- Comprehend the principle and utilization of the statute of frauds within contractual agreements.
- Comprehend the function of verbal agreements and their constraints.
- Recognize the corrective measures accessible for agreements that do not adhere to the statute of frauds.
Related questions
If a Contract Is Unenforceable for Failure to Comply with ...
In Determining Whether a Contract Is Within the One-Year Provision ...
Davis Owes a $5 Million Debt to C Bank ...
Describe the Three Main Purposes of the Statute of Frauds ...
Painter and Hawe Discussed the Possibility of Hawe Entering the ...