Chapter 13: Contracts in Writing and Third-Party Contract (unedited)

three main purposes of the statute of frauds

to ease contractual negotiations by requiring sufficiently reliable evidence to prove the existence and specific terms of a contract, to prevent unreliable oral evidence from interfering with a contractual relationship, to prevent parties from entering into contracts with which they do not agree

statute of frauds

State-level legislation that addresses the enforceability of contracts that fail to meet the requirements set forth in the statute; serves to protect promisors from poorly considered oral contracts by requiring certain contracts to be in writing

types of contracts that fall within the statute of frauds

contracts whose terms prevent possible performance within one year, promises made in consideration of marriage, contracts for one party to pay the debt of another if the initial party fails to pay, contracts related to an interest in land, sale of goods over $500

statute or frauds, in writing

contract whose performance could not possibly occur within one year yall within ____________ and therefore must be ____________

does not

if a contract can possibly be performed within a year then the contracts ________ need to writing to be enforceable

one party is gaining something other than a return on his or her promise to marry

Agreements regarding marriage in which _____________________ are within the statute of frauds and must be in writing

prenuptial agreement

An agreement two parties enter into before marriage that clearly states the ownership rights each party enjoys in the other party's property. To be enforceable, the agreement must be in writing

secondary obligation

a party outside a primary agreement promises to fulfill one of the original party's obligation if the original party fails to fulfill his or her obligation

main purpose rule

if the main purpose for incurring a secondary obligation is to obtain a personal benefit, the promise does not fall within the statute and does not need to be in writing

quantity sold

to satisfy the UCC requirement for agreements totaling over $500 the _________ must be stated

admission

A statement made in court, under oath, or at some stage during a legal proceeding in which a party against whom charges have been brought admits that an oral contract existed, even though the contract was required to be in writing.

partial performance

exception to the existence of an oral contract

partial performance (def)

an exception to the statute of frauds in which the performance of portions of an unwritten agreement by one or both parties can constitute proof that an oral contract exists between the parties

Promissory Estoppel

the legal enforcement of an otherwise unenforceable contract due to a party's detrimental reliance on the contract

identification of the parties to the contract, the subject of the agreement, the consideration, terms, signature

required elements in the writing

located anywhere, not in full

signiture can be