Downtown Contractors LLC and Equipment Rental Corporation are parties to an oral agreement for a one-year lease of a crane with payments totaling more than $10,000. They may satisfy the Statute of Frauds by

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The best option to satisfy the Statute of Frauds in this scenario is to set out the terms of the lease in a writing, such as a memo, signed by both parties. This satisfies the requirement that contracts for the lease of goods with payments totaling more than $10,000 must be in writing. The other options, such as mutually agreeing not to commit fraud or shaking hands on the deal, do not satisfy the writing requirement. While repeating the terms in a phone call may serve as evidence, it is not considered a sufficient writing under the Statute of Frauds.

Downtown Contractors LLC and Equipment Rental Corporation Are Parties to an Oral