Flashcards in Contracts: Statue of Frauds Deck (6)
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1
Must be in writing under Statute of Frauds
Guaranty of debts
interest in real property
impossible to perform in one year
goods priced $500 or more
Promises of executors for personal liability of debts
2
Guaranty of Debts
Does not apply to the original promise.
Does not apply if you own a business and guaranty to pay its debts.
3
Interests in real property
Includes: real property purchase, lease, mortgage, easement, any other real property interest, real estate broker contracts
Partial Performance Exception (not in writing if:)
- payment of some part of purchase price (not alone)
- buyer is in possession (living there or developing)
- buyer has made valuable improvements
4
Cannot be performed within one year
Applies only to contracts that are impossible to perform in one year.
Measured from date of acceptance
5
Sale of Goods
$500 or more
6
