Chapter 15 - The Statute Of Frauds

Question 0

Integrated Contract

Answer 0

A written contract that constitutes the final expression of the parties agreement. If a contract is integrated, evidence extraneous to the contract that contradicts or alters the meaning of the contract in any way is inadmissible.

Question 1

Collateral Promise

Answer 1

A secondary promise that is ancillary to a principal transaction or primary contractual relationship, such as a promise made by one person to pay the debts of another if the latter fails to perform.

Question 2

Parol evidence rule

Answer 2

A substance rule of contracts under which a court will not receive into evidence the parties prior negotiations, prior agreements, or contemporaneous oral agreements if that evidence contradicts or varies the terms of the parties written contract.

Question 3

Prenuptial Agreement

Answer 3

An agreement made before marriage that defines each partners ownership rights in the other partners property. Prenuptial agreements must be in writing to be enforceable.

Question 4

Statue of Fraud

Answer 4

A state statue under which certain types of contracts must be in writing to be enforceable.