An oral agreement to supply a line of credit for two (2) years cannot be enforced because of the statute of frauds.

Name: An oral agreement to supply a line of credit for two (2) years cannot be enforced because of the statute of frauds.
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Question

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The statute of frauds requires certain types of contracts to be in writing to be enforceable, and contracts that cannot be performed within one year fall under this requirement, making an oral agreement for a two-year line of credit unenforceable.

An Oral Agreement to Supply a Line of Credit for Two