If the Business Cannot Be Performed Within One Year from the Time

question 3

Multiple Choice

If the business cannot be performed within one year from the time that the agreement is entered into, the partnership agreement should be in writing to avoid invalidation under the:

• A) Statute of Estoppel.
• B) Statute of Frauds.
• C) Uniform Partnership Act.
• D) Statute of Co-ownership.
• E) National Conference of Commissioners and Uniform Laws.

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Definitions:

Promisee

The individual or entity to which a promise or agreement is made.

Purely Incidental

Occurring by chance and of secondary importance, without direct relevance to the main issue.

Breach of Contract

The failure to perform as specified in a contract without a lawful reason.

Donee Beneficiary

A third party who benefits from a contract in which a promisee promises to perform certain actions that benefit this third party.