Flashcards in Contracts: Statue of Frauds Deck (6)
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