Assume that jack, hal, and sophia enter into an agreement for the sale of the restaurant. hal and sophia get a loan from fourth national bank to pay for it. when their first payment is due, they get a letter from bank of north america stating that they bought the loan from fourth national bank. if hal and sophia were to default on the loan, who would have rights under the contract to sue hal and sophia for non-payment?

Question

Payton Floyd

Business

12 August, 17:26

Assume that jack, hal, and sophia enter into an agreement for the sale of the restaurant. hal and sophia get a loan from fourth national bank to pay for it. when their first payment is due, they get a letter from bank of north america stating that they bought the loan from fourth national bank. if hal and sophia were to default on the loan, who would have rights under the contract to sue hal and sophia for non-payment?

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Casey Downs · Answer 1

The agreement that violates the Statute of Frauds is the sale of the building. Statute of Frauds requires that six kinds of contracts be put in writing in order to be enforceable.