Business Law Learning Activity 5
Business Finance
Overview: Statute of Frauds: Writing Requirements and Electronic Records; Performance, Discharge; Remedies
Read/Watch:
Law for Entrepreneurs, Saylor Academy, 2012
Read only the assigned chapters on the embedded links below:
Scenario: Buyer purchased $1200 worth of paint from PI. Buyer paid in cash; PI gave Buyer a cash register receipt for the purchase.
The PI owners are having difficulty understanding the application of the Statute of Frauds to their business and have several questions about the doctrine. With Pat’s and Gale’s approval, you email the PI owners answering their questions in paragraph format.
A. What is the meaning of “Contracts not to be performed within 1 year”?
B. What is an example of a contract not to be performed within 1 year that could arise in the context of the PI business?
C. Is the following hypothetical scenario a valid sales contract under the Statue of Frauds – why or why not?
