Smith and Benson make an oral contract for the sale of land at a price of $500,000. After paying Smith $400,000 of the purchase price, Benson takes possession of the land. One month later, Smith wants to boot Benson off the land. His argument is that the parties' oral agreement is unenforceable under the statute of frauds. Which of the following is most correct?

Responses

Smith is incorrect, because the contract is for an indefinite period of time.

Smith is correct, because this is an oral contract for the sale of real estate.

Smith is correct, because the contract is for an amount greater than $500.

Smith is incorrect, because Benson paid part of the purchase price and took possession.