Asked by Fantasia Jessie on May 09, 2024
Verified
With regard to the statute of frauds and contracts whose terms prevent possible performance within one year,which of the following is an incorrect statement?
A) The one-year period begins to run the day after the contract is created.
B) A contract does not come within the statute of frauds if it could be completed within one year,even if it is highly unlikely that a contract will be completed within one year.
C) A contract for lifetime employment does not have to be in writing in order to be enforceable.
D) Contracts whose performance,based on the terms of the contract,could not possibly occur within one year fall within the statute of frauds.
E) The one-year period begins to run the day the contract is scheduled to begin.
Statute of Frauds
A legal doctrine requiring certain contracts to be in writing and signed by the parties involved to be enforceable.
Lifetime Employment
A practice, often associated with Japanese companies, where employees are hired with an understanding or expectation of employment security until retirement.
Performance
The act of fulfilling the duties or requirements specified in a contract or agreement.
- Understand the statutory requirements under the statute of frauds for different types of contracts.
Verified Answer
Learning Objectives
- Understand the statutory requirements under the statute of frauds for different types of contracts.
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