With regard to the statute of frauds and contracts whose terms prevent possible performance within one year,which of the following is an incorrect statement?
A)The one-year period begins to run the day after the contract is created.
B)A contract does not come within the statute of frauds if it could be completed within one year,even if it is highly unlikely that a contract will be completed within one year.
C)A contract for lifetime employment does not have to be in writing in order to be enforceable.
D)Contracts whose performance,based on the terms of the contract,could not possibly occur within one year fall within the statute of frauds.
E)The one-year period begins to run the day the contract is scheduled to begin.

Question

Quizplus · Accepted Answer

The one-year period begins to run the day after the contract is created,not when the contract is scheduled to begin; and the statute is inapplicable if there is a possibility of completing a contract within one year.Also,contracts whose performance,based on the terms of the contract,could not possibly occur within one year must be in writing; but contracts for lifetime employment do not have to be in writing in order to be enforceable.

With Regard to the Statute of Frauds and Contracts Whose