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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Business

Soren Bender

16 May, 20:08

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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Leandro Lambert · 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.