15. In most states, which of the following types of contracts are within the statute of frauds? (a) Contracts for the sale of an interest in personal property (b) Contracts that can be performed within a year from the date of their formation (c) Contracts for the sale of goods (d) Contracts for the sale of goods for a price of $500 or more
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Who does the Statute of Frauds protect?
The statute of frauds is a common law concept that requires written contracts for certain agreements to be binding. The statute applies to land sales and most purchases of goods over $500. There are significant exceptions, such as oral contracts where work has already started.
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