business law chapter 16

statue of frauds

to provide a court with the best possible evidence of whether the parties intended to make a contract

easement

a legal right that an owner gives to another person to make some use of the owner’s land

collateral promise

when one person promises to pay the debt of another as a favor to that debtor, must be in writing to be enforceable 

Uniform Electronic Transactions Act (UETA)

makes electronic contracts and signatures as enforceable as those on paper 

basic rule

a contract for the sale of goods $500 or more is not enforceable unless there is some writing, signed by the defendant, indicating that the parties reached an agreement

merchant’s exception

within a reasonable time of making an oral contract, it a merchant sends a written confirmation that is definite enough to bind the sending merchant, then the receiving merchant will also be bound by it unless the receiving merchant objects within 10 days

special circumstances

an oral contract may be enforceable, even without a written memorandum, if: the seller is specifically manufacturing the good for the buyer, or the defendant admits in court that there was a contract, or the goods have been delivered, or they have been paid for

parol evidence

refers to anything that was said, done, or written before the parties signed the agreement or as they signed it

integrated contract

a writing that the parties intend as the final, complete expression of their agreement

integration clause

a statement clearly proclaiming that this writing is the “full and final expression” of the parties agreement and anything said before or while signing is irrelevant