LA Auctioneer Practice Questions - Louisiana Licensed Auctioneer Exam

What is the statute of frauds and how does it apply to auction sales in Louisiana?

It prohibits all fraud in auction transactions It requires certain contracts to be in writing to be enforceable, including sales of goods over $500 It mandates that all auction advertisements must be truthful It sets the penalties for auctioneer fraud

Correct Answer:

It requires certain contracts to be in writing to be enforceable, including sales of goods over $500

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