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Business Law Chapter 15
Statute of Frauds
19
Law
Undergraduate 4
03/13/2011

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Term
Statute of Frauds: Defined
Definition
A statute which requires certain types of contracts to be in writing to be enforceable. Prior written agreements also do not count.
Term
History and origins
Definition
The fraud corrected by this statute was perjury because interested parties could not testify so contracting parties would hire false witnesses
Term
Terminology
Definition
1. If contract must be in writing: inside or within the statute of frauds
2. If oral: outside the statute of frauds
Term
Sale of Interest in Land: Entire Interest
Definition
If ownership of land may be divided into various parts, the entire interest is all the parts available
Term
Sale of Interest in Land: Easements
Definition
1. The right to use a portion of land without owning it
2. Roadway and utility easements
Term
Sale of Interest in Land: Profits
Definition
The right to come onto land and remove something from it (mineral rights and timber rights)
Term
Sale of Interest in Land: Mortgages
Definition
1. A lien on land -> a lien is an interest which allows a sale of property to collect a debt
2. A mortgage gives the right to foreclose on land if an obligation is breached
Term
Sale of Interest in Land: Life Estate
Definition
The right to exclusive possession of land for a term based upon someone's lifespan
Term
Sale of Interest in Land: Leases
Definition
Some leases must also be in writing to be enforced as agreed
Term
Performance Beyond one Year: Defined
Definition
If performance of a contract must take more than one year from the date it is made, the contract must be in writing to be enforceable
Term
Possibility of Performance
Definition
1. If there is a possibility that it may be within a year then only a oral agreement is required
2. Construction contracts may be presumed to be possible to be performed within one year but highly unlikely
Term
One Year is Calculated from the MAKING of the Contract
Definition
Not when the performance begins
Term
Collateral Promises
Definition
A promise to pay a creditor another ones debt if they cannot pay it. There must be at least 3 parties and 2 promises.
Term
Three situations where statute of frauds doesn't apply (contract doesn't have to be in writing)
Definition
1. A promise to be jointly liable -> on the same basis as the debtor
2. A promise to be primarily liable -> liable instead of the debtor
3. The main purpose rule: if the primary purpose of the guarantee is for personal benefit, an oral contract is enforceable
Term
Promises Made in Consideration of Marriage
Definition
1. Promise of Dowry
2. Prenuptial agreement
Term
Sale of Goods Priced at $500 or more (UCC)
Definition
1. When goods are priced at $500 or more (cannot just be valued at $500 or more)
Term
Writing
Definition
1. Common law the writing must be sufficient to show the ESSENTIAL TERMS of the contract
2. The contract must be SIGNED by the party being SUED.
3. Contract is considered unenforceable if no writing
Term
Exceptions to the Statute of Frauds
Definition
1. Performance: Complete performance by one party remove contract from statute of frauds
2. Admissions of terms: When the defendant admits there is a contract, the contact is enforceable to the extent of the admission
Term
Parol Evidence Rule
Definition
Evidence of oral statements doesn't work as evidence to alter the terms of a written contract
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