A College Student Waits in Line for Hours to Purchase

question 188

Essay

A college student waits in line for hours to purchase a ticket to the Rose Bowl, but an attorney does not. Rather than spend hours in line, he purchases a much more expensive ticket through a ticket broker. Why?

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Definitions:

Statute of Frauds

A legal principle requiring certain types of contracts to be in writing and signed to be enforceable.

Oral Contract

A verbal agreement between parties that is legally binding, though more difficult to enforce than written contracts due to the lack of physical evidence.

Voidable

A transaction or agreement that is legally valid but may be annulled or voided at the discretion of one of the parties involved.

Executory

Describing a contract or deed yet to be fully executed or performed, often depending on certain conditions being met.