The ________ requires all contracts for the sale of goods costing $500 or more and lease contracts involving payments of $1,000 or more to be in writing.
A) parol evidence rule
B) gap-filling rule
C) firm offer rule
D) Statute of Frauds

Question

Quizplus · Accepted Answer

The Statute of Frauds requires certain contracts, such as sales and lease contracts, to be in writing if they meet certain dollar thresholds ($500 for sales contracts and $1,000 for lease contracts). The parol evidence rule limits the use of oral or written statements outside of a written contract to interpret or change the terms of the contract. The gap-filling rule is a default rule used when a contract does not provide sufficient detail on a particular issue. The firm offer rule applies only to offers for the sale of goods under the Uniform Commercial Code.

The ________ Requires All Contracts for the Sale of Goods