Background: The PI owners are having difficulty understanding the application of the Statute of Frauds to their business and have several questions about the doctrine.
Instructions: With Pat's and Gale's approval, you email the PI owners answering their questions in paragraph format.
A. What is the meaning of "Contracts not to be performed within 1 year"?
B. What is an example of a contract not to be performed within 1 year that could arise in the context of the PI business?
C. Is the following hypothetical scenario a valid sales contract under the Statue of Frauds - why or why not?
Scenario: Buyer purchased $1200 worth of paint from PI. Buyer paid in cash; PI gave Buyer a cash register receipt for the purchase.