The Test Under the One-Year Provision of the Statute of Frauds

question 75

True/False

The test under the one-year provision of the statute of frauds is based on the likelihood that the contract will be completed within one year.

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Definitions:

Third Party Intervention

The involvement of an external party in a dispute or negotiation to assist in reaching a resolution or agreement.

Bargaining in Good Faith

The duty of parties to a negotiation to communicate honestly and seriously with the intention to reach an agreement.

Incremental Sales Revenue

Additional revenue generated from sales activity above a previously established base level.

Incremental Marketing Effort

Marketing activities that are added gradually to test their effectiveness or to build upon the existing strategy.