A Contract for the Sale of Land

question 16

Multiple Choice

A contract for the sale of land:

• A)Must be in writing only if the value of the land exceeds $500.
• B)Requires at least two promisors.
• C)Must be in writing in order to be enforceable.
• D)Is governed exclusively by the Uniform Commercial Code.
• E)Must be in writing or there is no contract.

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Definitions:

Nonpublic Issuer

An entity that does not offer its securities for sale to the general public, often subject to less stringent reporting requirements.

Material Misstatements

Significant inaccuracies or omissions in financial statements that could influence the decision-making of users of those statements.

Section 11

A specific provision of a law or regulation, often requiring context (such as a specific act or statute) to define fully.

Privity of Contract

A legal principle stating that contracts are private agreements between the parties who have entered into them, and typically, only those parties have the right to enforce or challenge the contract in court.