Question

Assume at the end of the meeting between Jack, Hal, and Sophia, they orally agree to enter into three separate contracts. One contract is for the sale of the intellectual property of the restaurant itself for $1,000,000. The second contract is for the sale of the building that the restaurant is located in for $250,000. The third contract is for the original sign that was outside the restaurant that Jack currently has in his garage, for $400. Which of these agreements violates the Statute of Frauds?

Answer 1

Answer:

The second contract is for the sale of the building that the restaurant is located in for $250,000.

Explanation:

The statute of frauds is a law enacted in all states that requires that certain agreements be in writing and signed by persons agains whom enforcement of the contract may be sought. The statute will apply to any transfer of an interest in real estate and to leases with a duration longer than one year.