Which of the Following Is True Regarding What Is Considered

question 79

Multiple Choice

Which of the following is true regarding what is considered an interest in land within the statute of frauds?

• A)Interests in land within the statute of frauds include promises to sell crops annually and agreements between parties for profit sharing from the sale of real property,but not boundary disputes that have been settled through the use of land.
• B)Interests in land within the statute of frauds does not include promises to sell crops annually,agreements between parties for profit sharing from the sale of real property,and boundary disputes that have been settled through the use of land.
• C)Interests in land within the statute of frauds include boundary disputes that have been settled through the use of land,but not promises to sell crops annually or agreements between parties for profit sharing from the sale of real property.
• D)Interests in land within the statute of frauds include boundary disputes that have been settled through the use of land and promises to sell crops annually,but not agreements between parties for profit sharing from the sale of real property.
• E)Interests in land within the statute of frauds include promises to sell crops annually,but not agreements between parties for profit sharing from the sale of real property or boundary disputes that have been settled through the use of land.

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Definitions:

Conditional Sales Contract

An agreement for the purchase of goods that does not fully transfer ownership to the buyer until certain conditions, typically full payment, have been met.

Simple Interest

Interest calculated only on the principal amount, or the initial sum of money borrowed or invested, without compounding.

Finance Company

A business that provides loans to individuals and companies, unlike banks, primary lending revolves around installment credit and financing consumer purchases.

Assignable Loan Contract

A loan agreement that allows the lender to transfer the loan to another party.