blaw chap 14

oral contracts

Agreements made verbally; generally enforceable unless they fall under the Statute of Frauds.

clases of contracts covered by statute of frauds

contracts evidencing interest, terms cannot be performed within a year, contractual promises for debt of another, promises of the executor, promises from promise to marry, UCC contracts exceeding $500

executors role

Manages the estate, converts property into cash, and follows the will’s instructions.

estate debts

Bills left behind when someone passes; paid before heirs get anything.

statute of frauds

A legal rule requiring certain contracts to be in writing to be enforceable.

parol evidence rule

if it’s not in the written contract, it (usually) doesn’t count.

exceptions to parol evidence rule

evidence of fraud, failure of consideration

rules of interpretation

objective standard, plain meaning, incorporation by reference, whole contract

if there is ambiguity

reasonable intent, strict construction against drafting party

hierarchy in written dcouments

handwritten, typewritten, pre printed

part performance(exception to statue of fraud)

Actions speak louder than words; if you've started the deal, it proves the contract exists.

promisor benefit(exception)

If the person making the promise gains from it, the deal is likely real.

detrimental reliance(exception)

If you relied on the promise and it hurt you, the law steps in.

part payment(exception)

Paying part of the price can prove the agreement is real.

judicial admission(exception)

If you admit the contract in court, no writing is needed.

source of missing terms

ways in which a court can fill in gaps in a contract when certain terms are not specified.

source of missing terms sources

course of dealing, course of performance, usage of trade

course of dealing

Past behavior between the parties that shows how they have previously handled similar situations or transactions.

course of performance

The way the parties have performed under the current contract over time, helping to clarify missing terms based on their actions.

usage of trade

The industry standards or customs that are common in the relevant market, used to fill in gaps when terms are missing.