Asked by Darcey Borellini on Jun 30, 2024
Verified
Under the majority rule, the test under the one-year provision of the statute of frauds is whether it is likely that the contract will be completed within one year.
One-Year Provision
The one-year provision is a legal clause, often found in statutes of frauds, which requires certain contracts to be in writing and signed if they cannot be performed within one year.
Majority Rule
A principle in democracy stating that the decisions and choices of the greater number of participants should guide the actions and policies of the group.
- Comprehend the basic concepts and the rationale behind the statute of frauds.
- Familiarize oneself with the conditions under which spoken contracts may hold legal validity, despite the statute of frauds.
Verified Answer
ZK
Zybrea KnightJul 03, 2024
Final Answer :
False
Explanation :
The test under the one-year provision of the statute of frauds is whether the contract is capable of being completed within one year from the day after the contract is made, not whether it is likely to be completed within that timeframe.
Learning Objectives
- Comprehend the basic concepts and the rationale behind the statute of frauds.
- Familiarize oneself with the conditions under which spoken contracts may hold legal validity, despite the statute of frauds.