When Dealing with the Prohibition in the Statute of Frauds

question 105

Multiple Choice

When dealing with the prohibition in the Statute of Frauds regarding oral contracts not to be performed in a year,which of the following is true?

• A)An oral contract that is for an indefinite period,but could be performed within a year,is not prohibited by the Statute.
• B)An oral contract that is to be performed over a period of one year,commencing the day after the formation of the contract,is not prohibited by the Statute.
• C)An oral contract that is to be performed over a period of one year,but commences two days after the conclusion of the contract,is prohibited by the Statute.
• D)An oral contract that provides for a specific period for performance of more than a year,but also confers a power of determination that may be exercised within the year,is prohibited by the Statute.
• E)all of the above

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Definitions:

Exponential Smoothing

A time-series forecasting method for univariate data that applies decreasing weights to past observations.

Mean Absolute Deviation

A measure of dispersion in a data set calculated as the average of the absolute deviations from a central point, typically the mean or median.

Fitted Values

Predicted values generated by a statistical model that approximate the observed data points.

Autoregressive Model

A model for forecasting a time series that uses the relationship between an observation and a number of lagged observations.