CH. 16

Question 1

A statute for the prevention of fraud and perjuries.

Answer 1

Statute of Frauds

Question 2

Written Contracts

Answer 2

Are a certain type of contract that must be evidenced by writing and signed by the person sought to be bound to be enforceable.

Question 3

Classes of Contract covered by the statute of frauds

Answer 3

1. Contracts evidencing an interest in real property
2. Contracts which by their terms cannot be performed within one year
3. Contractual Promises to answer for the debt of another collateral contract
4. promises of the executor of an estate to pay the estate debts from personal funds.
5. promises arising from a promise to marry pernup
6. UCC contract exceeding 500 dollars.

Question 4

Exceptions to statute of frauds

Answer 4

1. Part performance
2. promisor benefit
3. detrimental reliance, estoppel
4. part payment
5. judicial admission

Question 5

voidable

Answer 5

valid but uneforceable

Question 6

Parol evidence rule

Answer 6

parol (outside evidence) shall not be admitted to vary modify alter or contradict the written terms of an unambiguous complete merged and integrated contract

Question 7

1. Evidence of fraud, duress, or mistake
2. failure of consideration

Answer 7

Exceptions to the Parol Evidence rule

Question 8

Rules of Interpretation

Answer 8

1. Intent of Parties
2. Meaning of Words
3. Incorporation by Reference
4. Whole contract

Question 9

Intent of Parties

Answer 9

Objective standard

Question 10

Meaning of Words

Answer 10

Plain Meaning

Question 11

Whole Contract

Answer 11

The whole agreement is considered

Question 12

Dealing With Ambiguity

Answer 12

1. Look to the reasonable intent of the contract
2. Strict construction against the drafting party

Question 13

Hierarchy of Written Docs that are internally contradictory.

Answer 13

1. Hand written over, first weight
2. Type written over
3. preprinted, last weight

Question 14

“As a general rule, a party is bound by a contract even though it proves to be a bad bargain. If possible, a court will interpret a contract to avoid hardship. Courts will, if possible, interpret a vague contract in a way to avoid any forfeiture of a party’s interest. When hardship arises because the contract makes no provision for the situation that has occurred, the court will sometimes imply a term to avoid the hardship”

Answer 14

avoidance of hardships

Question 15

Sources of Missing Terms

Answer 15

1. Course of conduct and course of performance
2. custom and usage of trade (how other people do it)