Question

To be enforceable, which of the following must be in writing under either the sale of goods act or the statute of frauds?

a) an agreement that in one month, dad will sell you his brand-new car for $25, where no money is paid at the time of the agreement.
b) an agreement between two strangers, made through kijiji, to trade cars at the end of the month.
c) an agreement to buy a house for $500,000 at the end of the month. d) an agreement to make monthly payments of $10 on a loan until the balance owing of $300 is paid in full.
e) a lease where you agree to rent an apartment for $800 for 14 months.

Answer 1

The agreement to buy a house for $500,000 requires a written contract to be enforceable under the Statute of Frauds, as real estate transactions need clear evidence of the agreement's terms to prevent fraud and provide clarity.

Step-by-step explanation:

To be enforceable, the agreement that must be in writing under either the Sale of Goods Act or the Statute of Frauds is an agreement to buy a house for $500,000 at the end of the month. The Statute of Frauds generally requires that certain types of contracts be in writing to be legally enforceable, including contracts for the sale of real estate, which typically is any interest in land. This principle ensures that there is clear evidence of the agreement's terms and prevents fraudulent claims.

Real estate transactions are significant and typically involve large sums of money and valuable property, which is why the law demands a higher level of formality. The requirement for a written agreement provides clarity and a permanent record that can serve as proof of the contract, minimizing misunderstandings and disputes about the sale terms.

Other types of agreements mentioned, such as trading cars or a small loan repayment plan, do not generally fall under the same stringent requirements, except under particular circumstances dictated by jurisdiction-specific laws or if the amounts involved reach a threshold that necessitates a written contract.