Kelley Borrows $3,000 from Paul and Orally Agrees to Repay

question 15

Multiple Choice

Kelley borrows $3,000 from Paul and orally agrees to repay him in three annual installments.Most courts would hold:

• A) the oral contract is enforceable because Paul fully performed his obligation under the contract.
• B) the oral contract is unenforceable because it cannot be performed within one year.
• C) Article 2 of the UCC controls this loan.
• D) the oral contract is enforceable only through the doctrine of promissory estoppel.

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