Equipment Rental Corporation and Family Farm,Inc. ,are parties to an oral agreement for a lease of farm equipment with payments in excess of $10,000.They may satisfy the Statute of Frauds by

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The best way to satisfy the Statute of Frauds for an oral agreement with payments over $10,000 is to set out the terms in a memo or written agreement signed by both parties. This provides clear evidence of the agreement and its terms, and protects both parties in case of any disagreements or disputes in the future. Mutually agreeing not to commit fraud or shaking hands on the deal are not sufficient to satisfy the Statute of Frauds, and repeating the terms in a phone call may not provide clear and reliable evidence of the agreement.