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Chapter 15: Contracts in Writing - statute of frauds (statute of frauds -…
Chapter 15: Contracts in Writing - statute of frauds
statute of frauds - certain contracts must be in writing to be enforceable
marriage provision - if there is an agreement other than the consent to marry then it must be in writing to be enforceable
Ex. PRENUP
land contract provision - any transfer of land must be in writing if it is more than one year MUST BE IN WRITING
EXCEPTIONS: doesn't have to be in writing if
full performance by the seller – if the seller fully preforms (transferring title to the property – deed to the buyer) despite lack of written
part performance doctrine – if the buyer pays all or substantial portion of purchase price AND the buyer takes possession of the property or makes valuable improvements then the contract is enforceable
executor-administrator provision - one who is to administer the dead persons debt personally (not from the estate) must be in writing to be enforceable
suretyship provision - the promisor promises to perform the duties of a third person if the third person does not perform - must be made to the person that is owed debt - not primarily liable
ex. mom will pay my debt if i can't pay it
original promise - if the promisor promises to be primarily liable then the statute does not apply and it does not have to be in writing
main purpose doctrine - if the promisor is obtaining an economic benefit then statute does not apply
promise made to the debtor - if my mom promises me to pay my debt then it is outside the statute
EXCEPTIONS:
electronic records - contract only enforceable if the terms are clearly stated with a signature from the agreeing party
one year provision - any contract that cannot be fully performed within one year must be written
possibility test - the criterion is whether it is possible, not likely, for the agreement to be preformed within one year and if it can be then it does not have to be in writing
computation of time - the clock starts when the agreement is made NOT when the performance has begun
full performance by one party - if one party fully performs the other is still liable even if it will take them more than a year to fully perform
ex. taking 3 years ti pay back a loan
sale of goods - UCC says there must be a written contract if the sale of goods is $500 or more
specially manufactured goods - EXCEPTION ucc says that poral contract of $500 or more is enforceable if the goods being made cannot be sold to anyone besides that party
compliance w the statute of frauds - contract in writing doesn't have to be extemely formal to be enforced
general contract provisions - (1) specify the parties (2) specify essential terms and subject matter (3) be signed by the party being charged
sale of goods - must contain the parties, signed by person buying, and the quantity
written confirmation - between merchants, the other merchant must respond within 10 days or it is not enforceable