Jonas enters into an oral contract with Chelsea to lease his house to her for $100,000.Chelsea pays him $100,000 and moves in.A month later,Jonas learns that his state requires contracts for the lease of goods with payments of $1,000 or more to be in writing.Which of the following options does either party have?

Question

Quizplus · Accepted Answer

Contracts that have been fully executed, meaning both parties have fulfilled their obligations (in this case, Jonas leasing the house and Chelsea paying the $100,000 and moving in), generally cannot be rescinded simply because they were supposed to be in writing according to the Statute of Frauds. The Statute of Frauds requires certain contracts to be in writing to be enforceable, but once a contract is fully executed, the requirement for it to be in writing to enforce its terms becomes moot.

Jonas Enters into an Oral Contract with Chelsea to Lease