Scenario: Buyer purchased $1200 worth of paint from PI. Buyer paid in cash; PI gave Buyer a cash register receipt for the purchase.
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?