Final answer:
The contract for the sale of land must be in writing and signed by the person to be held to the contract under the Statute of Frauds, so the correct answer is C) I and II only. The statute aims to prevent fraud and requires clear documentation of property transactions.
Step-by-step explanation:
Under the Statute of Frauds, no action may be brought on any contract for the sale of land unless the contract is both in writing and signed by the person to be held to the contract. The direct answer to the question is C) I and II only. This statute does not require the signature of a real estate broker for the contract to be enforceable. The requirement is grounded in the need to prevent fraud and ensure that contracts are clear in terms of obligations and the parties' agreement.
The idea that property includes the right to enter into contracts with other parties relies on having a legal system that enforces these contracts to ensure economic transactions can occur. Without such a system, the risk of non-payment and contractual breaches would be high, discouraging people from engaging in property transactions, thereby affecting economic growth.