Which of the Following Was the Result in the Case

question 18

Multiple Choice

Which of the following was the result in the case in the text Shelby's Inc.,v.Sierra Bravo Inc.,involving the issue of whether an agreement to deposit debris and soil on land and an alleged agreement to build a building pad and waterway came within the statute of frauds?

• A) The court ruled that the agreement did not involve an interest in land and did not come within the statute of frauds.
• B) The court ruled that the agreement did involve an interest in land and, therefore came within the statute of frauds.
• C) The court ruled that the agreement did not involve an interest in land but placed it within the statute of frauds in order to prevent injustice.
• D) The court ruled that the agreement fell within the statute of frauds but that an oral agreement was sufficient.
• E) The court ruled that the agreement to deposit debris and soil on land did not fall within the statute of frauds and that no writing was needed, but that the agreement to build a building pad and waterway did fall within the statute of frauds requiring a writing.

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Definitions:

Sales On Account

Transactions where goods or services are sold but payment is deferred to a future date, typically recorded as accounts receivable.

Cost Of Goods Sold

Costs directly related to creating products for sale by a company, encompassing expenditures for labor and materials.

Inventory Turnover

A ratio showing how many times a company's inventory is sold and replaced over a specific period, indicating the efficiency of inventory management.

Financial Data

Numerical information reflecting the financial status of an entity, including income, expenses, assets, liabilities, and equity details.