What is the stated purpose of the statute of frauds? To allow hearsay evidence to be introduced at trial to prove a contract existed To allow oral evidence to be admitted at trial indicating something other than what was agreed to in the written contract between the parties To prevent fraud in contracts To prevent unreliable oral evidence from interfering with a contractual relationship To allow a party to claim fraud in civil, rather than criminal, court. According to a contract for the sale of goods that equals or exceeds $500 must be in writing. common law federal law judge-made law the Uniform Commercial Code (UCC) The Restatement of Contracts Which of the following is the legal enforcement of an otherwise unenforceable contract due to a party's detrimental reliance on the contract? O Promissory estoppel Substantial estoppel Substantial performance Frustration of purpose Commercial impracticability Which of the following is incorrect regarding the statute of frauds? It relates to fraudulent contracts. It does not address illegal contracts It does not exist at the federal level. It requires that certain contracts be in writing. Some states have statutes of frauds created by judicial decision rather than by legislation In contracts other than those governed by the Uniform Commercial Code (UCC), which of the following is/are required for a writing to be considered sufficient under the statute of frauds? Identification of the parties to the contract Identification of the subject of the agreement Identification of the law applicable to the contract Identification of the parties to the contract, identification of the subject of the agreement, and identification of the law applicable to the contract Identification of the parties to the contract and the subject of the agreement, but not the law applicable to the contract Question 9 1 pts An intended beneficiary is a third party to a contract whom the contracting parties intended to benefit directly from their contract. true false