Final answer:
A contract can be exempt from the statute of frauds if it is made through email correspondence with an electronic signature and contains essential terms or if it can be implied from the conduct of the parties, thereby highlighting the possible role of emails or conduct in contract formation exempt from the statute.
Step-by-step explanation:
In order to be considered exempt from the statute of frauds, a contract must meet certain criteria. The statute of frauds requires that certain types of contracts be in writing and signed by all parties involved. This applies primarily to contracts for the sale of land, contracts that cannot be performed within one year, the promise to pay someone else's debt, and a few others. However, it is possible for a contract to be exempt from this requirement if it falls into a category known as the exceptions to the statute of frauds. For instance, an admission in court that a contract exists or partial performance of the contract may suffice to prove its validity. Emails and other electronic communications can serve as written evidence of a contract if they include an electronic signature and if they meet the requirements of being sufficiently complete to encompass the essential terms of the contract, which is likely in line with the current understanding of the Electronic Signatures in Global and National Commerce Act (E-SIGN).
Therefore, while the provided options are somewhat accurate, the most correct interpretation regarding exemptions to the statute of frauds is that a contract can be made through email correspondence if it includes an electronic signature and contains the necessary substantial terms, or it can be implied from the conduct of the parties if such conduct unequivocally indicates that a contract is in place. However, it is crucial to consult the specific laws of your jurisdiction as the details and applicability of the statute of frauds can vary.