The one-year rule states that an executory contract that cannot be performed by its own terms within one year of its formation must be in writing.

Question

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This is a correct statement. The one-year rule is a requirement under the Statute of Frauds, which mandates that certain contracts be in writing to be enforceable. If the contract cannot be performed within one year from the date of its formation, then it falls under this requirement and must be in writing to be enforceable.

The One-Year Rule States That an Executory Contract That Cannot