Introductory Business Law CLEP Prep Practice Exam

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Prepare for the Introductory Business Law CLEP Exam. Study with flashcards and multiple choice questions, each question comes with hints and explanations. Ace your exam with confidence!

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When does the Statute of Frauds require a contract to be in writing?

When the contract involves a large sum of money
When the contract involves real estate
When the parties have differing opinions
When the contract is indefinite

The correct answer is: When the contract involves real estate

The Statute of Frauds typically requires a contract to be in writing when it involves real estate. This means that the other options, such as a large sum of money, differing opinions, or an indefinite contract, do not necessarily require written agreements according to this statute. It is important to note that there may be other factors that could require a contract to be in writing, but the Statute of Frauds specifically pertains to contracts involving real estate.