Ch 13 statute of frauds

blaw

the four elements in a contract

agreement, consideration, capacity, legality

are oral contracts valid?

yes

where did the statue of fraud come from?

1677 England - the prevention of frauds & perjuries

what is sufficient writing?

the subject matter of the contact is reasonably ID

that a contract was made between parties

the essential terms of any unperformed promises, with reasonably certainty (?)

signed by the party to be charged

t/f can the writing be informal

true

documents that are informal but are contracts

multiple docs

written after the fact

casual letter (marriage consideration)

what contracts must be in writing? hint 5

interest in real property - sales, leases, mortgages

cannot be performed within one year - impossible

suretyship - promises to answer for another’s duty

in consideration of marriage - including prenuptial marriage

sale of goods for $500 or more - u.c.c.

interest in real property

a contract to transfer, buy or pay for an interest in land must be in writing

sale of property itself, mortgages, leases, paying for land that goes to a third party

contracts that cannot be preformed within 1 year

impossible

read it literally

both sides count - full performance by both parties must be possible within 1 year

clock starts at formation - from the day the contract is made

case spotlight - broadwell v gettman

broadwell won

hire dawn for the rest of her life

no writing , she could die tomorrow

dawn is hired for 1 year and 1 day

yes writing - more than 1 year

dawn renovates my/your bathroom - may take up to two years

no writing - she could finish early

survetyship

a survety’s promise must be in writing. it usually involves debt but it’s not limited to debt

3 individuals

obligor - owes a duty

obligee - owed that duty

survety - “sacrifice”

the main purpose exception

if the survety’s main purpose is to benefit themselves rather than the obilger, an oral promise to act as surverty is enforceable

mutual promise to marry

no writing

value promised for marrying

yes writing

prenuptial agreements

yes writing

contracts under $500

oral contract is enforceable

sale of goods $500 or more

contracts must be in writing

the merchant confirmation rule

normally a writing binds only the person who signed it

t/f

IF merchant A sends a signed writing confirming the sale of merchant B and B does not send written notice objecting, the writing BINDS merchant B

true

three u.c.c . exceptions to the writing rule

specially made goods - goods made for this buyer ONLY

admission to court - party admits in pleadings that an oral contract exists

partial performance - 25/100 only 25 is enforceable