Contracts: Statue of Frauds Flashcards Preview

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Flashcards in Contracts: Statue of Frauds Deck (6)
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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


Guaranty of Debts

Does not apply to the original promise.
Does not apply if you own a business and guaranty to pay its debts.


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


Cannot be performed within one year

Applies only to contracts that are impossible to perform in one year.

Measured from date of acceptance


Sale of Goods

$500 or more


Exceptions to statue of frauds

Merchants conformation memo
Special Ordered Goods
Admission under oath
Performance by buyer (takes possession or makes payment accepted by seller)

Decks in REG Class (109):