Question

Jonas enters into an oral contract with Chelsea to lease $ 100,000. Chelsea pays his house to her for him $100,000 and moves in. A month later, Jonas learns that his state requires contracts for the lease of goods with payments of $1,000 or more to be in writing. Which of the following options does either party have?

1. Jonas can evict Chelsea as the contract does not comply with the Statute of Frauds and is hence void.
2. The contract cannot be rescinded by either party as it has already been executed.
3. Chelsea can rescind the contract on the grounds of noncompliance with the Statute of Frauds
4. Jonas can rescind the contract on the grounds of noncompliance with the Statute of Frauds.

Answer 1

Answer: The contract cannot be rescinded by either party as it has already been executed.

Explanation: A contract is a binding agreement that is enforced by the law in some ways.

Their prior ignorance before the contract was made cannot affect future discoveries.

Anyone of them that goes beyond the contract will/can get sued.