Quinn and Ruth orally agree on the sale of Seafood Shippers Inc. and jot down the terms on the back of one of Seafood's blank invoices, which they both sign. A written memorandum evidencing an oral contract that would otherwise be unenforceable must contain
A)all terms.
B)the essential terms.
C)the preliminary terms.
D)the quality terms.

Question

Quizplus · Accepted Answer

The written memorandum must contain the essential terms of the agreement to be enforceable. This includes the identification of the parties, the subject matter of the agreement, the consideration (price and payment terms), and any other essential terms necessary to understand the parties' obligations.

Quinn and Ruth Orally Agree on the Sale of Seafood