Title: Identify elements of sales and purchase contracts.
Course: Agricultural Business Fundamentals I (18201-I) > Section: Understanding Agribusiness Structures and Procedures

Identification should include

- negotiation of the sale
- contract agreements
- requirements to meet statute of frauds.

Process/Skill Questions:

- What is consideration?
- What characteristics constitute capacity?
- When does the statute of frauds apply?
- What must the contract have to be enforceable if the statute of frauds applies?
- What is surety or guaranty?
- What is an executor?
- What is personal liability?
- What are examples of contracts involving real estate?
- What is the ordinary course of a seller's business?
- What does it mean for a contract to be signed by the party against whom enforcement is sought?