Contracts not to be performed within one year

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Reference no: EM132094908

Scenario: Buyer purchased $1200 worth of paint from PI. Buyer paid in cash; PI gave Buyer a cash register receipt for the purchase.

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?

Reference no: EM132094908

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