IL Auctioneer Practice Questions - Illinois Licensed Auctioneer Exam

What is the Statute of Frauds' relevance to auction sales in Illinois?

It requires all auction bids to be in writing It requires contracts for the sale of goods over $500 to be in writing to be enforceable It prohibits oral agreements between auctioneers and sellers It limits auction sales to real property only

Correct Answer:

It requires contracts for the sale of goods over $500 to be in writing to be enforceable

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