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Jane (seller)and Joe (buyer)enter into an oral contract for the sale of land.Joe begins to add significant improvements to the land and house and outbuildings.Jane changes her mind and revokes the sales contract.According to the Statute of Frauds,the contract between Jane and Joe is enforceable because of equitable estoppel.
Express Promise
A clear and specific commitment stated by one party to another, often forming the basis of an express contract.
Consideration
In contract law, something of value promised, given, or received that motivates parties to enter into an agreement.
Time Draft
A written order to pay a specified amount of money at a future date.
Debtor-Creditor Relationship
A financial relationship where one party (the debtor) owes a debt to another party (the creditor).
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