💰 CPA Exam Prep

The Statute of Frauds requires which types of contracts to be in writing?

A All contracts
B Contracts for sale of land, goods over $500, and agreements lasting more than one year
C Only verbal contracts
D Only employment contracts

✓ Correct Answer: Option B

The Statute of Frauds requires certain contracts to be in writing: land sales, goods ≥$500, contracts >1 year, suretyship, and marriage.

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