Practice Quiz

CLEP Business Law

Category - Contracts

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Which of the following types of contracts are subject to the Statute of Frauds?
  1. Contracts for the lease of automobiles
  2. Contracts entered into by minors
  3. Contracts involving more than $50
  4. Contracts involving the sale or lease of land
  5. Contracts for the sale of intellectual property
Explanation
Answer: D. Contacts involving the sale or lease of land are subject to the Statute of Frauds. The Statute of Frauds requires that certain types of contacts must be in writing and signed by the parties to the contract. If a contract that is subject to the Statute of Frauds is not in writing, the contract is not void, but is voidable.
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