Hello all, I am going over Statute of Frauds this week in class and need a little assistance with getting pointed in the right direction to answer...

Hello all,

I am going over Statute of Frauds this week in class and need a little assistance with getting pointed in the right direction to answer some questions (listed below in bold text). If someone could help with this issue it would be greatly appreciated. Thanks.

Questions:

What is the meaning of "Contracts not to be performed within 1 year"?

What is an example of a contract not to be performed within 1 year that could arise in the context of a new business?