Which of the Following Was the Result in the Case

question 86

Multiple Choice

Which of the following was the result in the case in the text Sewing v.Bowman,involving the issue of whether an agreement to share in the profits of the land,such as appreciation in the value of the properties and rental income,came within the statute of frauds?

• A)The court ruled that the agreement did involve an interest in land and,therefore came within the statute of frauds.
• B)The court ruled that the agreement to share in the appreciation of the value of the land did not fall within the statute of frauds and that no writing was needed,but that the agreement to share the rental income did fall within the statute of frauds requiring a writing.
• C)The court ruled that the land constituted an asset of the partnership,so the partnership agreement did not come within the statute of frauds.
• 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 did not involve an interest in land but placed it within the statute of frauds in order to prevent injustice.

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Definitions:

U.S. Treasury Deposits

Funds held at the Federal Reserve that belong to the U.S. Treasury, often from revenues or borrowing, used for government spending.

Certificates of Deposit

Savings certificates with a fixed maturity date, specified fixed interest rate and can be issued in any denomination aside from minimum investment requirements.

Required Reserve Ratio

The fraction of deposits that regulators require a bank to hold in reserves and not lend out.

Money Supply

The sum of all financial resources in the form of cash, coins, and amounts in checking and savings accounts present within an economy at a given moment.