[Lake House] Damian Has Two Houses, a House on the Lake

question 22

Multiple Choice

[Lake House] Damian has two houses, a house on the lake and a house in town. Frida wants to buy the house on the lake. Damian and Frida orally agree that Frida will buy the house on the lake for $300,000. Damian hurriedly writes out a contract providing that he would sell "his house" to Frida for $300,000. Damian signs the top of the document. Frida does not sign at all. No merger clause is included in the contract. Damian backs out of the contract, and Frida sues him. He tells the judge that the statute of frauds is left unsatisfied because he did not sign the document at the end and also because Frida did not sign at all. He also tells the judge that, at any rate, the agreement referred to the house in town, not the house on the lake; and that under the parol evidence rule, he had the right to identify the correct house.
-Regarding Damian's assertion that the statute of frauds is left unsatisfied because he did not sign the document at the end, which of the following is true?

• A) Damian is correct.
• B) Damian is incorrect because while the statute of frauds would require his signature on the document, there is no requirement that the signature be at the end.
• C) Damian is incorrect because the statute of frauds did not require his signature so long as the selling price was referenced.
• D) Damian is incorrect because the statute of frauds did not require his signature so long as the type of subject matter involved was referenced.
• E) Damian is incorrect because the statute of frauds did not require his signature so long as the parties were clearly identified.

---

Definitions:

Ending Inventory

The total value of a company's inventory available at the end of an accounting period, instrumental in calculating the cost of goods sold.

Purchased Units

Units of goods or services acquired through purchase, often used to refer to inventory items bought for resale in business operations.

Perpetual Moving Average

A method in inventory management where the average cost of inventory is recalculated after each acquisition or sale, ensuring up-to-date and accurate inventory valuations.

Ending Inventory

The total value of all the inventory a company has on hand at the end of its fiscal period, computed under specific costing methods.