Asked by Rogelio Larios Collazo on Jul 05, 2024
Verified
Does the agreement to purchase the bicycles for $100 each fall outside the statute of frauds and, thus, would likely be enforceable against Milton?
A) No, because the agreement is for the sale of goods over $500, which is within the statute of frauds and must be in writing.
B) No, because the agreement involved the lease of goods and must be in writing.
C) Yes, because the agreement involved the lease of goods, which need not be in writing.
D) Yes, because the contract can be performed within one year.
E) Yes, because the agreement is for the sale of goods under $500, which need not be in writing.
Statute of Frauds
A legal principle requiring certain types of contracts to be written and signed to be enforceable, such as contracts for the sale of real estate or agreements not to be performed within a year.
Sale of Goods
The sale of goods refers to the transaction between a seller and a buyer where specific goods are transferred from the seller to the buyer for a price.
- Understand which types of contracts are necessitated to be written under the stipulations of the statute of frauds.
Verified Answer
ZK
Zybrea KnightJul 10, 2024
Final Answer :
E
Explanation :
The agreement for the bicycles, which are goods priced at $100 each, totals $200, falling under the $500 threshold. Therefore, it does not need to be in writing to be enforceable according to the statute of frauds.
Learning Objectives
- Understand which types of contracts are necessitated to be written under the stipulations of the statute of frauds.