Millet Grains Cooperative and Corn Cereals,Inc.,discuss the terms of a contract for periodic deliveries of corn. Millet Grains then faxes Corn Cereals a memo on Millet Grains's letterhead that summarizes the points on which they agreed,including a two-year term. Millet Grains begins to perform,and Corn Cereals accepts the deliveries but refuses to pay.
-Refer to Fact Pattern 15-1.The transaction between Millet Grains and Corn Cereals falls within the provision of the Statute of Frauds involving

Question

Quizplus · Accepted Answer

The transaction between Millet Grains and Corn Cereals falls within the provision of the Statute of Frauds involving the one-year rule because the contract is for a term of two years, which exceeds the one-year requirement. Therefore, the contract must be in writing to be enforceable.