What type of contract is written and contains all essential elements, making it enforceable under the statute of frauds?

Study for the Florida Mutual Recognition Test. Use flashcards and multiple choice questions, each with hints and explanations. Prepare thoroughly for your exam!

Multiple Choice

What type of contract is written and contains all essential elements, making it enforceable under the statute of frauds?

Explanation:
A formal contract is written in a prescribed form and includes all essential terms, which makes it enforceable under the statute of frauds. The statute requires certain agreements to be in writing to be enforceable, and a formal contract satisfies that requirement because it is prepared in the proper written form and contains the key elements (offer, acceptance, consideration, capacity, legality, and signatures). Informal (parol) contracts can be oral and still enforceable if the terms can be proven; voidable contracts are valid but may be rescinded; and a unilateral contract is defined by acceptance through performance, not by its form or writing. So the type described is a formal contract.

A formal contract is written in a prescribed form and includes all essential terms, which makes it enforceable under the statute of frauds. The statute requires certain agreements to be in writing to be enforceable, and a formal contract satisfies that requirement because it is prepared in the proper written form and contains the key elements (offer, acceptance, consideration, capacity, legality, and signatures). Informal (parol) contracts can be oral and still enforceable if the terms can be proven; voidable contracts are valid but may be rescinded; and a unilateral contract is defined by acceptance through performance, not by its form or writing. So the type described is a formal contract.

More Multiple Choice Questions
Subscribe

Get the latest from Passetra

You can unsubscribe at any time. Read our privacy policy