Long-term bilateral contracts need not be in writing to be enforceable, since contracts that call for performance over a considerable period of time are more important to the contracting parties, and the terms of such contracts are therefore more likely to be recalled by them.

Question

Quizplus · Accepted Answer

Long-term bilateral contracts must be in writing to be enforceable under the Statute of Frauds, regardless of the importance of their terms to the parties involved.

Long-Term Bilateral Contracts Need Not Be in Writing to Be