Term
| Three purposes for the Statute of Frauds |
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Definition
o Attempts to ease contractual negotiations by requiring sufficiently reliable evidence to prove the existence and specific terms of a contract
o Prevents unreliable oral evidence from interfering with a contractual relationship
o Prevents parties from entering into contracts with which they do not agree |
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Term
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Definition
| contracts that normally need writing must be in writing even if negotiated by an agent |
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Term
| Written contract requires 3 elements |
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Definition
o Subject matter of the agreement
o Consideration (if any)
o Particular terms |
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Term
| Admission (in terms of contract termination) |
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Definition
| A statement made in court, under oath, in which a party against whom charges have been brought admits that an oral contract existed, even thought the contract was required to be in writing |
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Term
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Definition
| Partial performance amounts to the proof of a contract |
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Term
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Definition
| Legal enforcement of an otherwise unenforceable contract due to a party’s detrimental reliance on the contract |
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Term
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Definition
| Oral evidence of an agreement is inadmissible if it is made before or at the same time as a writing that the parties intend to be the complete and final version of their agreement |
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Term
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Definition
| attempt to signal that the written contract is intended to be the final and complete statement of their agreement |
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Term
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Definition
| written contracts intended to be the complete and final representation of the parties’ agreement |
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