Although the parties failed to comply with the applicable statute of frauds, a contract that was fully executed
A)is a valid contract.
B)is subject to rescission because of failure to comply with the statute of frauds.
C)subjects one or both parties to criminal prosecution.
D)subjects one or both parties to civil damages for the tort of fraud.

Question

Although the parties failed to comply with the applicable statute of frauds, a contract that was fully executed​
A)is a valid contract.
B)is subject to rescission because of failure to comply with the statute of frauds.
C)subjects one or both parties to criminal prosecution.
D)subjects one or both parties to civil damages for the tort of fraud.

Quizplus · Accepted Answer

A fully executed contract, meaning all terms have been completely performed by both parties, is considered valid even if it didn't initially comply with the statute of frauds. The statute of frauds requires certain contracts to be in writing to be enforceable, but full execution essentially overrides this requirement.

Although the Parties Failed to Comply with the Applicable Statute