Contracts: Statue of Frauds Flashcards Preview

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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

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):