Fact Pattern 15-A1 (Questions A13-A14 apply)
Macro Marketing,Inc.,and National Food Corporation (NFC)discuss the terms of a contract.Macro then faxes NFC a memo on Macro's letterhead that summarizes the items on which they agreed,including a two-year term.Macro begins to perform,but NFC refuses to pay.Macro files a suit to collect.NFC claims that there is no contract.
-Refer to Fact Pattern 15-A1.The transaction between Macro and NFC falls within the Statute of Frauds'
A)collateral-promise provision.
B)one-year rule.
C)sales-of-goods stipulation.
D)secondary-contracts section.

Question

Quizplus · Accepted Answer

The one-year rule of the Statute of Frauds applies to contracts that cannot be performed within one year of the date of the contract. In this case, the contract agreed upon by Macro and NFC had a two-year term, which cannot be performed within one year. Therefore, the transaction falls within the Statute of Frauds.

Fact Pattern 15-A1 (Questions A13-A14 Apply)