The Statute of Frauds Applies To

question 32

Multiple Choice

The statute of frauds applies to:

• A) the lease of an apartment on a month-to-month basis.
• B) the cancellation of a written agreement for the sale and purchase of land.
• C) an employment agreement.
• D) the sale of goods priced at less than $500.

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Definitions:

Fee Simple Absolute

A type of ownership of real property that grants the owner limitless, perpetual rights to the property, including the rights to use, sell, or bequeath the property.

Ownership Rights

Legal rights that confer the ability to use, control, and dispose of property or an asset.

Implied Renewal

Suggests the automatic extension of a contract based on certain actions or the lack of termination notice by any party involved.

Lease Term

The duration for which a lease agreement is effective, typically specified in months or years.