An Oral Contract for the Transfer of an Interest in Land

question 49

True/False

An oral contract for the transfer of an interest in land may be enforced if the party seeking enforcement has so changed his position in reasonable reliance on the contract that a court can prevent injustice only by enforcing the contract.

---

Definitions:

Internal Users

Internal users are individuals or groups within an organization who use financial information to make decisions about the operations of the company, such as management and employees.

External Users

Individuals or entities outside of a company who use its financial information, typically for analysis, investment, or regulatory purposes.

Sole Owner

An individual who exclusively owns a business, bearing all the risks and entitled to all the profits.

Personal Automobile

A privately owned vehicle used for personal transportation, not for business or commercial purposes.