What is the possibility test under the statute of frauds

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Reference no: EM133276805

Assignment:

A. Is a promise to sell an item to the promisee on the condition that the promisor receives a large sum of money legally sufficient? If so, why? If not, why not? Explain in detail.

B. When selling a business, are non-compete clauses in contracts permissible? Why or why not? What are the guidelines for determining the enforceability of non-complete clause also called a covenant not to compete?

C. Under common law, a minor is a person under what age? Under current law, at what age is a person considered to be no longer a minor? What are the necessary items for which a minor can enter into a contract to purchase? Explain in detail.

D. What are the licensing statutes? In what circumstances are courts unlikely to enforce an illegal contract based upon the licensing statutes? Explain in detail.

E. The statute of Fraud requires that contracts for the sale of land (transfer of an interest in land) be in writing. What is an exception to this requirement? Explain in detail.

F. What is the possibility test under the Statute of Frauds? How does this apply to a contract to employ someone for life? Explain in detail.

H. As the UCC applies the parol evidence rule, which of these takes priority over the other, usage of trade or the specific provisions of the contract? Explain in detail.

Reference no: EM133276805

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