Asked by
JULIA WHISMAN
on Dec 18, 2024
Verified
In the presence of several witnesses, A verbally agreed to purchase B's farm for $175,000. The next day, B changed his mind, and refused to sell the farm to
A. On the strength of the verbal agreement of purchase and sale made in the presence of witnesses, A sued B for breach of contract and for a decree of specific performance to compel B to sell him the farm. The verbal agreement is unenforceable.
TRUE
Verbal Agreement
An agreement made through spoken words and not formally recorded in writing, yet is legally binding.
Specific Performance
A legal remedy where a court requires a party to fulfill their obligations under a contract, rather than providing a financial compensation.
- Attain an understanding of the basic concepts of the Statute of Frauds and its role in the execution of contracts that have to be written.
- Detect and delineate the distinctions between valid, enforceable, unenforceable, and void agreements according to law.
Verified Answer
PV
Learning Objectives
- Attain an understanding of the basic concepts of the Statute of Frauds and its role in the execution of contracts that have to be written.
- Detect and delineate the distinctions between valid, enforceable, unenforceable, and void agreements according to law.