Question

The following types of contracts should be in writing: Contracts involving interests in land. Contracts that cannot, by their terms, be within one year from the day after the date of formation. or secondary, contracts, such as promises to answer for the debt or duty of another. Promises made in of marriage. Under the Uniform Commercial Code, contracts for the sale of goods priced at or more.
True to False

Answer 1

Hello. This question is incomplete. The full question is:

"Contracts involving interests in land, contracts that cannot by their terms be performed within one year form the day after the date of formation, Collateral or secondary contracts such as promises to answer for the debt or duty of another and promises by the administrator or executor of an estate to pay a debt of the estate personally--that is out of his/her own pocket, promises made in consideration of marriage, under the Uniform Commercial Code contracts for the sale of goods priced at $500 or more. "

Answer:

True.

Explanation:

Basically, a contract is an agreement made by two people. This agreement aims to define the obligations of these two people in relation to the execution of a certain activity, as well as also to establish a relationship of transfer, modification and maintenance of something.

There are several types of contracts and each type is related to a type of activity, as well as related to legal factors that issue how these contracts are to be established. Some contracts, mandatorily, must be presented in writing. This is the case for:

Contracts involving interests in land, contracts that cannot by their terms be performed within one year form the day after the date of formation, Collateral or secondary contracts such as promises to answer for the debt or duty of another and promises by the administrator or executor of an estate to pay a debt of the estate personally--that is out of his/her own pocket, promises made in consideration of marriage, under the Uniform Commercial Code contracts for the sale of goods priced at $500 or more.

Answer 2

Answer: True

Explanation: Each state has a statute specifying the kinds of contracts which have to be in writing and these are often called the Statute of Frauds. This statute of frauds denies validity and enforceability to certain contracts which are not in writing. These rules are in place to prevent contract fraud by requiring the agreement be in writing because it is generally believed that written contracts are more reliable than oral contracts.

In addition to the types of contracts above, a contract that will still be outstanding after one of the parties has passed away may be void or voidable if the agreements are only verbally made but not put in writing.

These contracts must clearly indicate who the parties are, what responsibilities they have and provide the subject matter of the agreement; for example promises made in marriage.