California residents Kate and Jennifer decide to make a "deal": Kate will sell Jennifer her new Dell laptop for $600, a steal since she paid over $1,000 for it. They both feel they've gotten a great deal. Does this agreement need to be in writing, under California law?a. Yes, because under California law, an agreement for the sale of personal property must be in writing if the amount or value of the property exceeds $200.00.
b. Yes, because under California law, an agreement for the sale of personal property must be in writing if the amount or value of the property exceeds $500.00.
c. No, because this is personal property, and written agreements are not required for personal property sales.
d. No, because the value of this computer was under $2,000.00. California law ONLY requires that an agreement for the sale of personal property with a price or value of more than $2,000.00 be in writing.

Yes, because under California law, an agreement for the sale of personal property must be in writing if the amount or value of the property exceeds $500.00.

Explanation:

California has a form of private property sales control called Statute of Frauds. This Statute is a list of rules and norms (requirements) that have to be met when making a sale of goods, for example, in order to avoid conflict between the parts involved in the transaction.

One requirement is, in the case of selling personal property that exceeds $500.00, the necessity of making a written and signed contract by all parties in order to be considered binding and enforceable.

If we want to get more technical to corroborate this requirement, in accordance to the California Code, Commercial Code - COM § 2201, “(1) Except as otherwise provided in this section a contract for the sale of goods for the price of five hundred dollars ($500) or more is not enforceable by way of action or defense unless there is some writing sufficient to indicate that a contract for sale has been made between the parties and signed by the party against whom enforcement is sought or by his or her authorized agent or broker. A writing is not insufficient because it omits or incorrectly states a term agreed upon but the contract is not enforceable under this paragraph beyond the quantity of goods shown in the writing.”

answerthe above statement is false;

answertaxable income;