Respuesta :
According to the Statute of Frauds, a general partnership that exists for more than one year must have a written partnership agreement.
A general partnership is a business entity made of two or more partners who agree to establish and run a business.
What is Statute of Frauds?
- Statutes that exist in every state which require that certain types of contracts are enforceable only if the contract is in writing or evidenced by a written memorandum or electronic record that is signed.
- A statute requiring certain contracts to be in writing and signed by the parties bound by the contract. The purpose is to prevent fraud and other injury.
The objective of the statute of frauds is to not enforce particular contracts unless there is a written memorandum or note signed by the persons involved with the contract. An authorized representative may also sign the written document. In a breach of contract action, a defendant may invoke the statute of frauds.
To know more about Statute of Frauds, check the links.
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