Uncle Buck has lent you $10,000 for tuition and living expenses. The agreement was oral. This contract violates the statute of frauds, so it is unenforceable and you need not repay the loan.

Name: Uncle Buck has lent you $10,000 for tuition and living expenses. The agreement was oral. This contract violates the statute of frauds, so it is unenforceable and you need not repay the loan.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Contracts for the sale of goods fall under the $500 rule; however, a loan, even of this amount, does not.

Uncle Buck Has Lent You $10,000 for Tuition and Living