(BLW) Ch 16 The Writing Requirement

(Book) Business Law: Text and Cases. I believe the 16th edition

Statute of Frauds stipulates the types of contracts that must be in writing. True / False?

True

Statute of Frauds is misleading because the statute does not apply to fraud. True / False?

True

Marriage contracts need to be in writing? YES / NO?

Yes, they do. (pun intended)

Contracts that take up to a Year to be performed needs to be in writing? YES / NO?

Yes!

Contracts pertaining to lands need to be in writing? YES / NO?

Yes.

Needs to write down a contract, YES / NO?

EXECUTOR = Promises to pay debt of estate personally

Yes

Needs to write down a contract, YES / NO?

Sales of GOODS priced at $500 or more.

Yes!!

Needs to write down a contract, YES / NO?
Surety = Collateral vs. Secondary
(surety means to pay another’s debt)

YES

When does the one-year period begin?

The day after the contract is made

• A direct promise to pay someone else’s debt

• Not dependent on someone else failing to pay their debt

• “I’ll pay her debt myself.”

Definition and Example of a Primary Obligation

Promise to pay only if the other person doesn’t

Example of a Secondary Obligation

Oral promise to pay someone else’s debt usually must be in writing in what Statute?

Statute of Frauds

If the guarantor’s (someone who is promising to pay another person’s debt) main reason is to benefit themselves, then the contract doesn’t have to be in writing. TRUE / FALSE?

True

Collateral Promise

A specific form of secondary promise to pay another’s debt if they fail to do so.
Needs to in writing to be enforceable

Integrated Contract

A written contract that represents the complete and final terms of the parties’ agreement

Parol Evidence Rule

Prevents a court from considering prior negotiations, agreements, or oral statements that contradict or modify the written contract

Prenuptial Agreement

A contract made before marriage that outlines each partner’s property ownership rights.
Must be in writing to be enforceable

Does a prenuptial agreement have to be in writing to be enforceable? YES / NO?

Yes

Does a collateral promise have to be in writing to be enforceable? YES / NO?

Yes. Because of Surety (Collateral vs. Secondary)

Written record or electronic record satisfies the requirement if it shows the agreement and is signed by the party the contract is being used against (basically, the defendant). TRUE / FALSE?

True

“Confirmation, invoice, sales slip, check, fax, or email”
are all examples of what?

What a written requirement can include

Several docs can form a single contract by staple, envelope, or glue. TRUE / FALSE?

TRUE

There are 3 exceptions to the Parol Evidence Rule, TRUE / FALSE?

True

What are the three exceptions to Parol Evidence Rule?

1. Subsequent Modifications

2. Void / Voidable Contracts

3. Ambiguous Terms

Regarding Exceptions to Parol Evidence Rule, what is Subsequent Modifications?

Oral or written changes made after the contract was signed

Regarding Exceptions to Parol Evidence Rule, what is Void / Voidable Contracts?

Written or oral evidence is allowed to prove contract is void / voidable (bcs of fraud, misrepresentation, or mistake)

Regarding Exceptions to Parol Evidence Rule, what is Ambiguous Terms?

If the contract’s ambiguous and require interpretation, evidence is admissible to show the meaning of the terms

What Article of the CISG doesn’t incorporate any Statute of Frauds provisions?

Article 11

What does CISG stand for?

The Convention on Contracts for the International Sale of Goods

What does CISG govern?

The international sales contracts between citizens of countries that have made an agreement