TB MC Qu$.13-38$ Which of the following is$...$

Which of the following is incorrect regarding the statute of frauds and contracts whose terms prevent possible performance within one year?

Multiple Choice

The one$-$year period begins to run the day after the contract is created.

The one$-$year period begins to run the day the contract is scheduled to begin.

A contract does not come within the statute of frauds if it could be completed within one year, even if it is highly unlikely that a contract will be completed within one year.

A contract for lifetime employment does not have to be in writing in order to be enforceable.

Contracts whose performance, based on the terms of the contract, could not possibly occur within one year fall within the statute of frauds.