Chapter 15- Contracts in Writing

Question 0

Suretyship Provision

Answer 0

a garauntee, “if he doesnt pay i will”
- a contractual promise to the surety (promisor) to the creditor (promisee) to perform the duties or obligations of a third person if the principal debtor does not perform. Surety must be in writing if not is unenforceable by the statue.

Question 1

Statue of Frauds

Answer 1

Contracts that must be in writing. 
SOF requires certain types of contracts be in writing to be enforceable. 
MY LEGS
1) Marriage
2) Year-longer agreements 
3) Land interest transfer 
4) Executers (promise of an executor to answer personally for a duty of decedend.)
5) Goods of value greater than $500
6) Suretyship

Question 2

Exception to the Suretyship Provision

Answer 2

Main Purpose Doctrine: if the surety’s main purpose is to secure A personal economic benefit for him or herself, then the guarantee does NOT have to be in writing.

Question 3

Executor- Admin Provision

Answer 3

Requires that an executor, a person appointed by a court to carry out the administration of the estate of a deceased person, is named then the executor of the estate after distributing all of the assets, should he find that there are payments that still need to be named, they must personally pay for those debts.
MUST BE IN WRITING TO BE ENFORCEABLE.

Question 4

Marriage

Answer 4

Must be in writing, the marriage provision does not apply to promises to marry, rather only if they are already married. Examples: prenuptial agreements

Question 5

Land Contract Provision

Answer 5

Hypothetical dealing with land: common-law contract that has to be in writing!
-Transfers of all real property must be in writing:
Examples: Transfer of ownership, long term leases, mortgages, easment.

Question 6

Exceptions to Land Provision Contract:

Answer 6

• Full Performance by the seller: seller has the deed that the handover to the buyer, and then the buyer hand them the payment.
• Partial Perfomance by the buyer: Partial Payment is made and improvements on land begun.
• Does not include promise to transfer personal interest in property.

Question 7

One year Provision

Answer 7

All contracts that by their terms cannot possibly be performed with in one year from the date of making the contract must be in writing.
- possibility test: if it is possible to perform with in one year no writing is required

Question 8

One- Year Provision Exception

Answer 8

Full performance by one party: one party pays upfront in full then it is proof enough that the contract existed, and no writing is required.

Question 9

UCC Sale of Goods

Answer 9

-$500+ Must be in writing

Question 10

UCC Sale of Goods Exceptions

Answer 10

• Specially Manufactured Goods: if you can establish that the goods in question are specially manufactured goods and the manufacturer has made a substantial beginning to producing the goods, then no writing is required.
• Admission of an oral contract in court
• Delivery of part of the goods, and acceptance or payment of part of the price, and acceptance of that payment.

Question 11

UCC Sale of Goods: Land

Answer 11

Must be in writing with a description of the land.

Question 12

Merchant 10 Day Rule exception

Answer 12

If one merchant within a reasonable time after entering into an oral contract send a written confirmation and the other Martin does not object within 10 days the writing is enforcible against both parties.