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  • Statute of Frauds

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    Debi
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    This document outlines situations that require a written contract under the statute of frauds, including: 1) Transfers of interest in real estate such as sales, mortgages, easements, and long-term leases. 2) Sale of goods over $500. 3) Collateral contracts where a guarantor agrees to pay the debt of another. 4) Contracts that cannot be performed within one year. It provides exceptions for partial performance, admissions in court, specially manufactured goods, and full performance by one party. The general outline notes that oral contracts are okay unless the statute of frauds requires a written contract, which needs certain elements like a signature, with exceptions for confirming mem

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    Statute of Frauds

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    This document outlines situations that require a written contract under the statute of frauds, including: 1) Transfers of interest in real estate such as sales, mortgages, easements, and long-term leases. 2) Sale of goods over $500. 3) Collateral contracts where a guarantor agrees to pay the debt of another. 4) Contracts that cannot be performed within one year. It provides exceptions for partial performance, admissions in court, specially manufactured goods, and full performance by one party. The general outline notes that oral contracts are okay unless the statute of frauds requires a written contract, which needs certain elements like a signature, with exceptions for confirming mem

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    71 views3 pages

    Statute of Frauds

    Uploaded by

    Debi
    This document outlines situations that require a written contract under the statute of frauds, including: 1) Transfers of interest in real estate such as sales, mortgages, easements, and long-term leases. 2) Sale of goods over $500. 3) Collateral contracts where a guarantor agrees to pay the debt of another. 4) Contracts that cannot be performed within one year. It provides exceptions for partial performance, admissions in court, specially manufactured goods, and full performance by one party. The general outline notes that oral contracts are okay unless the statute of frauds requires a written contract, which needs certain elements like a signature, with exceptions for confirming mem

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 3

    Transfer of an interest in real estate/land/property

    Sale of goods greater than or equal to $500 (applies even if not merchant to
    merchant)
    Collateral Contracts
    Contracts that cannot be performed within a year

    1. Transfer if interest in
    a. Real Estate
    i. Sale of real estate
    ii. Contract for a mortgage
    iii. Contract for an easement
    iv. Contract for a long term lease
    Excludes- short term leases of less than a year

    1. Contract for the Sale of Goods:


    Greater than or equal to $500 (also covers merchant to consumer
    agreements)
    UCC 2.201
    a.Written Memorandum Confirming Existence of Contract
    b. Specifying Terms- Quantity of goods to be sold
    c. Signed by party to be charged (enforced upon)

    Alternative ways of Satisfying Statue of Frauds DEFENSES


    a."Merchant Silence"
    i. Confirming Memo between two Merchants
    ii. With no objection within 10 days
    OR
    a.Partial Payment or Partial Delivery
    i. Enforceable only to the extent of the payment or delivery
    b. Admissions in Litigations (pleading, deposition, testimony)
    i. If the person admits that a verbal contract existed even if it wasnt in
    writing
    c. Specially Manufactured Goods

    1. Collateral Contracts
    Contract where GUARANTOR agrees to pay obligation of principle
    DEBTOR owed to obligee if principle fails to perform
    Exception: where guarantor is acting for his own benefit

    1. Contracts that cannot be performed in one year


    Only applies when terms of agreement make it impossible to perform
    within 1 year
    Exception: full performance by one party

    For a writing to be enforceable under a Stature of Fraud it must contain


    a.Contain essential terms
    b. Subject matter identified with reasonable certainty
    c. ..

    Exceptions:
    Transfer of real estate
    i. Full Performance by seller
    ii. Part Performance by buyer + made improvements on land
    1. Must have reasonably relied on oral contract to his/her detriment
    AND
    Enforcement of contract is only way to avoid injustice ($ alone- sufficient)
    Paid part or all of purchase price + made improvements

    GENERAL OUTLINE
    Oral Okay
    UNLESS
    Statute of Fraud
    Requires writing w/ 3 things (signature of party charged)
    UNLESS
    Confirming Memo w/ Merchant Silence

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