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:

Obligor

An obligor is a person or entity legally obliged to provide a benefit or payment to another in a contractual agreement.

Collateral Contracts

Collateral contracts are supplementary agreements made in addition to a primary contract, which impose additional obligations or conditions related to the primary contract's terms.

Guarantor

An individual or entity that agrees to be responsible for another's debt or contractual obligations if the original party fails to meet their terms.

Principal Debtor

The main party obligated to repay a loan or debt.