C is corrent. A partnership agreement may be expressed or implied based upon the activities and conduct of the partners. The expressed agreement may be oral or in writing with, in general, one exception. A partnership agreement that cannot be completed within 1 year from the date on which it is entered into must be in writing.
A is incorrect. The purpose of the partnership is irrelevant. Agreements to buy and sell real estate must be in writing, while an agreement to form a partnership whose principal activity will involve the buying and selling of real estate normally need not be in writing unless the stated duration exceeds 1 year.
B is incorrect. The partners may reside in different states without having to put the partnership agreement in writing.
D is incorrect. The $500 amount applies to the sale of goods which must be in writing, not partnerships.
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