Monday, October 18, 2010
the . . . statute of frauds generally will not bar enforcement of an oral joint venture agreement where the joint venture is terminable at will. Where, however, the alleged agreement formed a joint venture for a term of more than one year, or provides that the object of the joint venture cannot be performed within one year, the statute of frauds may apply, barring the enforcement of the oral joint venture agreement.
Check out the entire NYLJ article here (subscription required).
[Meredith R. Miller]