Kiko and Kikay verbally agreed to enter into a two-year contract of lease in 2020. A year later, Kiko was collecting rents from Kikay, who refused to pay since the contract of lease was not in writing. Is Kikay’s argument correct? Yes, the contract involving real properties should be in writing under the Statute of Frauds. No, Statute of Frauds applies only to executory contracts and not those already fulfilled. No, fairness dictates that Kikay should pay rent. Yes, the contract for more than a year should have been in writing under the Statute of Frauds.
Kiko and Kikay verbally agreed to enter into a two-year contract of lease in 2020. A year later, Kiko was collecting rents from Kikay, who refused to pay since the contract of lease was not in writing. Is Kikay’s argument correct? Yes, the contract involving real properties should be in writing under the Statute of Frauds. No, Statute of Frauds applies only to executory contracts and not those already fulfilled. No, fairness dictates that Kikay should pay rent. Yes, the contract for more than a year should have been in writing under the Statute of Frauds.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Kiko and Kikay verbally agreed to enter into a two-year contract of lease in 2020. A year later, Kiko was collecting rents from Kikay, who refused to pay since the contract of lease was not in writing. Is Kikay’s argument correct?
Yes, the contract involving real properties should be in writing under the Statute of Frauds.
No, Statute of Frauds applies only to executory contracts and not those already fulfilled.
No, fairness dictates that Kikay should pay rent.
Yes, the contract for more than a year should have been in writing under the Statute of Frauds.
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