The Key to Determining Whether a Contract Is Enforceable Under

question 28

Multiple Choice

The key to determining whether a contract is enforceable under the one-year rule of the statute of frauds is the answer to which of the following questions?

• A) Is it possible to carry out the terms of the contract within one year of the date of the agreement?
• B) Is it likely that the parties will carry out the terms of the contract within one year of the date of the agreement?
• C) Is it reasonable to expect that the parties will carry out the terms of the contract within one year of the date of the agreement?
• D) Do the parties wish to carry out the terms of the contract within one year from the date that the contract will actually begin?

---

Definitions:

Renovate

The process of restoring or improving a building, room, or structure to make it more attractive, functional, or to bring it up to current standards.

Marginal Product Curve

A graphical representation showing how the addition of a single unit of resource alters the total output of a good or service.

Total Product

The total output of goods and services produced by a firm or industry over a specific period.

Marginal Product

The additional output that is produced by using one more unit of a particular input, holding all other inputs constant.