Contracts that are traditionally required to be in writing by the statute of frauds are:
A) bilateral contracts that are capable of being performed within a year of their formation.
B) contracts for the transfer of an interest in land.
C) bilateral contracts that have been fully performed by both parties.
D) contracts for the sale of goods costing less than $500.

Question

Quizplus · Accepted Answer

Contracts that are traditionally required to be in writing by the statute of frauds include contracts for the transfer of an interest in land. The Uniform Commercial Code states that contracts for the sale of goods costing $500 or more are not enforceable without a writing or other specified evidence.

Contracts That Are Traditionally Required to Be in Writing by the Statute