Does the Agreement to Purchase the Bicycles for $100 Each

question 33

Multiple Choice

Does the agreement to purchase the bicycles for $100 each fall outside the statute of frauds and,thus,would likely be enforceable against Milton?

• A)No,because the agreement is for the sale of goods over $500,which is within the statute of frauds and must be in writing.
• B)Yes,because the contract can be performed within one year.
• C)Yes,because the agreement involved the lease of goods,which need not be in writing.
• D)No,because the agreement involved the lease of goods and must be in writing.
• E)Yes,because the agreement is for the sale of goods under $500,which need not be in writing.

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Definitions:

Common Stock

Equity securities that represent ownership in a corporation, giving holders voting rights and a share in the company's profits via dividends.

Outstanding

Unsettled or remaining due; not yet paid, resolved, or completed.

Stock Split

A decision by a company to increase the number of its outstanding shares by issuing more shares to current shareholders.

Common Stock

An equity ownership interest in a corporation, typically entitling the owner to vote on corporate governance matters and receive dividends.