Question

A wealthy uncle sent a letter to his nephew. In it the uncle promised $10,000 if his nephew would refrain from drinking, using tobacco, swearing, and playing cards or billiards for money until the age of twenty-five, all of which was otherwise legal for the nephew to do at the time. Would this agreement need to be in writing to satisfy the statute of frauds and be enforced

Answer 1

Answer:

YES the agreement would need to be in writing to satisfy the statute of frauds if the nephew will not be Twenty-five within a year.

Explanation:

The statute of frauds (SOF) is a legal concept that requires certain types of contracts to be executed in writing. Among others, these typically include those for the sale of land, of any goods over $500 in value, and contracts of a year or more in length.

There are different types of agreement covered by stature of frauds, some are: a)any promises made in connection with marriage, including such gifts as an engagement ring. b) contracts that cannot be completed in less than one year...

If a contract will not be completed in a year, then it would have to be in writing for it to be valid.

THEREFORE, TO SATISFY THE STATUTE OF FRAUDS, THE AGREEMENT WOULD NEED TO BE IN WRITING IF THE NEPHEW WILL NOT BECOME TWENTY-FIVE WITHIN A YEAR.