Chemico,Inc.,and Petro Products Corporation enter into an oral contract in which Chemico agrees to sell a chemical refinery and the land on which it is situated to Petro.Under the Statute of Frauds,this contract is enforceable by
A) the seller.
B) the buyer.
C) any third party, such as the mortgagee or title company.
D) none of the choices.

Question

Chemico,Inc.,and Petro Products Corporation enter into an oral contract in which Chemico agrees to sell a chemical refinery and the land on which it is situated to Petro.Under the Statute of Frauds,this contract is enforceable by​ 
A) ​the seller. 
B) ​the buyer. 
C) ​any third party, such as the mortgagee or title company. 
D) ​none of the choices.

Quizplus · Accepted Answer

The oral contract for the sale of a chemical refinery and land would fall under the scope of the Statute of Frauds, which requires a written agreement for the transfer of real property. Since there is no written agreement in this scenario, the contract is not enforceable by either party or any third party.