Cengage Advantage Books: Law for Business 18th Edition by John Ashcroft ,Janet Ashcroft

Exercise 13

Newell and Carol Simons owned a house with sixty acres plus an interest with DeLila and Joel Simons in 1,500 to 1,800 acres of farmland. The Federal Land Bank mortgage on all the property was greater than its value. To avoid sharing in bankruptcy proceedings, Newell and Carol agreed to, and did, deed their interest in the property to DeLila and Joel. DeLila and Joel agreed to reconvey the house and sixty acres to Newell and Carol when the debt was satisfied. The debt could not be satisfied without Newell and Carol's interest in the property. Joel died, and after the debt was satisfied, DeLila refused to reconvey the house property to Newell and Carol. Did the Statute of Frauds prevent enforcement of this agreement?