Question

1. Under the Statute of Frauds, contracts that cannot be performed within one year from the day after the date of formation must be in writing. When does the time begin to run: 1. The time begins to run from the day the contract was signed. 2. The time begins to run from the day after the contract was signed. 3. The time begins to run at the exact time that the parties signed the contract. 4. The time begins to run immediately after the offeree signs the contract.

Answer 1

Answer) 3: the time begins to run at the exact time that the parties signed the contract.

The statute of frauds is a legal concept that requires certain types of contracts to be executed in writing. Among others, these typically include those for the sale of land, of any goods over $500 in value, and contracts of a year or more in length.The term statute of frauds comes from an Act of the Parliament of England passed in 1677 (authored by Lord Nottingham assisted by Sir Matthew Hale, Sir Francis North and Sir Leoline Jenkins and passed by the Cavalier Parliament) the title of which is An Act for Prevention of Frauds and Perjuries. Many common law jurisdictions have made similar statutory provisions, while a number of civil law jurisdictions have equivalent legislation incorporated into their civil codes. The original English statute itself may still be in effect in a number of Canadian provinces, depending on the constitutional or reception statute of English law, and any subsequent legislative developments. The contracts that Cannot be Performed Within One Year. Under this provision of the Statute of Frauds, contracts that cannot be performed within one year of the contract being made must be in writing. The one-year time period is measured from the date that the contract is made.