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.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 32P

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