Statute of Frauds

Question 1

how does the statute of frauds function

Answer 1

as a defense to formation/enforcement if some portion of the K has yet to be performed

Question 1

statute of frauds general idea

Answer 1

while an oral K is valid in many instances, certain agreements required writing signed by the party sought to be bound to be enforceable

Question 2

mnemonic for determining whether K is within the statute of frauds

Answer 2

MY LEGS:
1. marriage k
2. year bar K
3. land-sale K
4. executor promise
5. guaranty K
6. sale of goods for $500+

Question 3

SOF: year bar K

Answer 3

K that is IMPOSSIBLE to perform w/in 1 year of AGREEMENT must be in writing

Question 4

SOF: land-sale K exception

Answer 4

part performance: improvements, payments, evidence of K in existence (e.g., living in house)

Question 5

SOF: executor promise

Answer 5

a promise by an executor or administrator to pay estate’s debts out of own funds

Question 6

SOF: guaranty K

Answer 6

a promise to guarantee (not assume) the obligation or debt of another person

Question 7

SOF: exception to guaranty K

Answer 7

main purpose rule

Question 8

main purpose rule

Answer 8

if a guarantor’s main purpose in promising is for his own economic advantage (e.g., as shareholder), writing not required. Oral promise to guarantee such a loan is enforceable

Question 9

SOF: sale of goods for $500+ exceptions

Answer 9

1. merchant confirmation: if a merchant sends written confirmation after oral agreement w/in reasonable time, binds recipient if (a) reason to know of contents and (b) no written objection within 10 days of receipt
2. enforceable to extent of quantity of goods shown in writing or paid for (including partial payment)