Ch. 15 Flashcards
(19 cards)
Statute of Frauds
Requires that certain types of contracts be evidenced in writing to be enforceable
An _____ contract is as enforceable as a written contract unless otherwise provided by _____.
Oral; statute
Electronic Signatures in Global & National Commerce (E-Sign)
Makes electronic records & signatures valid and enforceable across the U.S. for many types of transactions
Suretyship Provision
Applies to a contractual promise by a surety (promisor) to a creditor (promisee) to perform the duties or obligations of a third person, the principal debtor, if he does not perform.
If the promisor makes an _______ _______ by undertaking to become primarily liable, then the statute, then the statute of frauds does not apply.
Original promise
In cases in which the _______ _______ of the promisor is to obtain economic benefit for herself that she did not previously have, then the promise comes within the exception and is ______ the statute.
Main purpose; outside
Executor-Administrator Provision
Applies to the promises of an executor of a decedent’s will to answer personally for a duty of the decedent
Executor or Administrator
A person appointed by a court to carry out, subject to order of court, the administration of the estate of a deceased person.
The land contract provision covers promises to transfer any _______ __ _______.
Interest in land
Collateral Promise
The promisor is not primarily liable.
Possibility Test
To determine whether a contract falls within the one-year provision, the courts ask whether it is possible for the performance of the contract to be completed within a year.
Interest in Land
Includes any right, privilege, power, or immunity in real property
Integrated Contract
Contained in a certain writing to which the parties have assented as being the statement of the complete & exclusive contract between them
The parol evidence rule applies only to an _______ _______.
Ingrained contract
Course of Dealing
Previous conduct between the parties that a court may use for interpreting their expressions and other conduct
Usage of Trade
A practice or method of dealing regularly observed and followed in a place, vocation, or trade
Course of Performance
The manner & extent to which the parties to a contract have accepted without objection successive tenders of performance by the other party
A written contract may be explained or supplemented by 4 things:
- ) Course of dealing
- ) Usage of trade
- ) Course of performance
- ) Evidence of consistent additional terms
Interpretation
The ascertainment of the meaning of a promise or agreement
