Under New York specific statute of frauds, which of the following is an exception to the writing requirement?

Under New York specific statute of frauds, which of the following is an exception to the writing requirement?

• A. Transfer of an insurance policy
• B. A finder's fee paid to a licensed real estate broker
• C. A contract for services to be performed next year
• D. A sale of goods for $1,000

Answer: (A)

Under New York law, the Statute of Frauds requires certain contracts to be in writing, such as those for the sale of land, contracts not performable within one year, and contracts for the sale of goods over a certain amount. However, some transactions are exempt from needing a separate writing. The transfer of an insurance policy is one such exception because the policy itself is already a written instrument, and an assignment of that policy merely conveys existing rights under an existing contract, not the creation of a new contract that would fall under the writing requirement. The other options involve transactions that clearly trigger the writing rule: services to be performed next year can’t be completed within one year, a sale of goods over $500 falls under the UCC writing obligation, and a finder's fee in a real estate transaction relates to land and requires a writing. So the transfer of an insurance policy is the exception.

Under New York law, the Statute of Frauds requires certain contracts to be in writing, such as those for the sale of land, contracts not performable within one year, and contracts for the sale of goods over a certain amount. However, some transactions are exempt from needing a separate writing. The transfer of an insurance policy is one such exception because the policy itself is already a written instrument, and an assignment of that policy merely conveys existing rights under an existing contract, not the creation of a new contract that would fall under the writing requirement. The other options involve transactions that clearly trigger the writing rule: services to be performed next year can’t be completed within one year, a sale of goods over $500 falls under the UCC writing obligation, and a finder's fee in a real estate transaction relates to land and requires a writing. So the transfer of an insurance policy is the exception.