Question

Under a contract for the sale of land, the statute of frauds a. does not apply if the purchase price for the land is less than $500. b. does not apply if the buyer must secure a loan for the purchase of the land. c. requires the defendant to sign the agreement. d. does not apply if the total price of the land is to be paid in less than one year.

Answer 1

C) Requires the defendant to sign the agreement.

The Statute of Frauds: What Is It?

A legal principle known as the statute of frauds mandates that certain types of contracts be performed in writing. The law covers agreements involving the sale of real estate, transactions involving items valued at more than $500, and agreements lasting a year or longer.

What criteria does the Statute of Frauds have?

Three conditions must be met in order to satisfy the Statute of Frauds.

• It must first specify what the contract's subject matter is.
• It must also state the existence of a contract between the parties.
• The particular conditions of the contract must also be stated with a reasonable degree of precision.

What kind of agreement may not be accepted under the Statute of Frauds?

Several different sorts of contracts may not be upheld by the Statute of Frauds.

• A contract with a completion date of less than a year serves as an illustration.
• A contract would not be taken into account for the statute if someone promised to deliver a goods to someone's house within six months but never showed up.

learn more about Statute of Frauds here

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