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Which of the following is incorrect regarding the statute of frauds and contracts whose terms prevent possible performance within one year? Multiple Choice a. The one year period begins to run the day her the contract is created b. A contract does not come within the statue of frauds could be completed within one year even if it is highly unlikely that 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. Contract whose performance, bered on the terms of the correct could not possibly occur within one year fail within the statute of rude e. The one-year period begins to run the day the contract is scheduled to begin.

Answer :

A contract for lifetime employment does not have to be in writing in order to be enforceable is incorrect regarding the statute of frauds and contracts whose terms prevent possible performance within one year option C is correct .

What is the Statute of Frauds?

  • A body of law known as the statute of frauds stipulates that certain contracts must be in writing in order to be enforceable.
  • Furthermore, that written agreement frequently contains requirements, such as delivery requirements or what must be contained in that written agreement.

What are the four exclusions from the fraud statute?

  • Admission, performance, and promissory estoppel are examples of these exceptions.
  • When one party admits under oath that an oral agreement was made, it means that the agreement can be enforced without having to comply with a statute of frauds' requirements.
  • Performance can refer to either complete or insufficient performance.

Learn more about the Statute of Frauds

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