Equipt Rental Corporation and Family Custodial Service,Inc.,are parties to an oral agreement for a lease of goods with payments in excess of $10,000.They may satisfy the Statute of Frauds by

Question

Quizplus · Accepted Answer

The Statute of Frauds requires that contracts for the lease of goods with a value of over $10,000 be in writing. While the parties may have verbally agreed to the terms, they must put them in writing to satisfy the legal requirement. Option C, setting out the terms in an email, would create a written record of the agreement that both parties could refer to in the future. Mutually agreeing not to commit fraud, restating the terms in a phone call, and shaking hands are not sufficient to satisfy the Statute of Frauds.