The statute of frauds, codified at General Obligations Law § 5-701[a][1], requires agreements to be in writing when, by their very terms, there is absolutely no possibility in fact and law of full performance within one year. Here, the alleged agreement between the parties, by its terms, could have been terminated or completed within one year, however unlikely that might have been. Therefore, the agreement does not fall within the ambit of the statute.
Basal Trading & Sons Ltd. v. M&G Diamonds, Inc., NY Slip Op 00369 (1st Dep't January 26, 2023)
