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Contracts and Statute of Frauds

See the attached file.

With regard to the attached scenario, I have some questions to help with a project I am doing.

1) Did the parties have an enforceable contract? If yes, how so and if no, under what exceptions?

2) Does the oral agreement between the parties fall within any exception to the Statute of Frauds? How so?

3) How would the lawsuit be affected if Novell admitted that the parties had an oral contract under which Meade was entitled to 25% of the difference between accounts receivable and payable as of the day Meade quit?

4) With regard to any of the above questions, are there similar cases known that support these explanations?

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1) Did the parties have an enforceable contract? If yes, how so and if no, under what exceptions?

Yes, verbal contracts are enforceable when two parties agree on terms of a contract. The exceptions in this case aren't known because the contract did not specify the amount of the share(s) that Meade would be entitled to or the paradigm of how these funds would be dispersed. If this were in writing, the disagreement over the amount of money that she was entitled to wouldn't exist.

2) Does the oral agreement between the parties fall within any exception to the Statute of ...

Solution Summary

The solution discusses contracts and statute of frauds.

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