Ch11 Written Contracts Flashcards
Existence of contract cannot be denied if written.
Reasons for Written Contracts
Terms of contract can be ascertained.
Reasons for Written Contracts
More reliable evidence than oral evidence.
Reasons for Written Contracts
An agreement to sell land or any interest in or concerning land.
Statute of Frauds: agreements must be written
An agreement the terms of which cannot be performed within one year from the time it is made.
Statute of Frauds: agreements must be written
An agreement to become responsible for the debts or default of another.
Statute of Frauds: agreements must be written
An agreement of an executor or administrator to pay the debts of the estate from the executor’s or the administrator’s personal funds.
Statute of Frauds: agreements must be written
An agreement containing a promise in consideration of marriage.
Statute of Frauds: agreements must be written
An agreement for the sale of goods over $500
Statute of Frauds: agreements must be written
Note or memorandum in writing is required when one party sues the other for a breach of contract.
Note or Memorandum
Memorandum must contain all essential terms of the contract.
Note or Memorandum
Generally, contracts can be
oral or written.
However, in some situations, a contract must be in writing to be enforceable in a
court of law.
Other Written Contracts: Sale of securities.
State specific written contracts
Other Written Contracts: Agreements to pay a commission to a real estate broker.
State specific written contracts
Other Written Contracts: A new promise to extend the statute of limitations.
State specific written contracts
Complete, written contract, may not be modified by oral testimony unless evidence of fraud, accident, or mistake exists.
Parole Evidence Rule
All contracts of importance should be in ____________. (Instructor: in another words don’t use an oral contract when it is something you might need to prove!)
Written
In the case of an oral contract, if you don’t have any ______________ then it will be harder to prove.
Witnesses
This is the person that takes over all the deceased’s assets.
Executor
This refers to a breach of any contractual obligation including the payment of money, but also other obligations such as the failure to build a house.
Default
A complete, written contract may not be modified by oral testimony unless evidence of fraud, accident, or a mistake exists.
Parole Evidence Rule
This listed certain classes of contacts that could not be enforced unless their terms were evidenced by a written document.
Statute of Frauds
This refers to an obligation to pay money.
Debt
Spoken words. (Two words)
Parole Evidence
The Electronic Signature in Global and National Commerce Act makes it so that the signature no longer has to be on ________.
Paper
How many numbers of statutes of frauds are listed as a MUST for agreements to be in writing?
Six
There is an allowance regarding the requirement of a written agreement to the Statute of Frauds and that is if one has paid money or performed a service under an oral contract…the money or value of the service may be ____________ …..
Recovered
Even if there is someone present during the agreement of the oral contract their _______________ may vary considerably as to the actual terms of the contract.
Testimony
A ___________ of real property for more than one year must be in writing in order to be binding.
Lease
Different _____________ has a few additional types of contracts that must be in writing to be enforceable.
Statutes
In the court case revisited the outcome stated The Statute of Frauds did not make the oral agreement ___________________.
Unenforceable
Oral Testimony
Parole Evidence
Law requiring certain contracts to be in writing
Statute of Frauds
It is always a good idea (but not a requirement) for all contracts to be in writing.
True
It is often difficult to prove oral contracts.
True
The English Parliament enacted the Statute of Frauds in 1814 as a response to legal issues arising from the War of 1812.
False
An agreement to lease land must be in writing, in accordance with the Statute of Frauds.
True
Contracts for services that take less than six months must be in writing.
False
An agreement by which one person promises to pay a sum of money or to give property to another in consideration of marriage is illegal.
False
Electronic signatures are now permissible and legally enforceable.
True
An oral contract to sell mineral rights is enforceable.
False
Both parties must have signed the note or memorandum required by the Statute of Frauds.
False
The Statute of Frauds applies only to:
executory contracts.
A breach of contractual obligations other than money, such as a contract to build a house, is referred to as ________.
Default
If a promisor agrees to become responsible for the debts or default of another, it:
must be in writing.
Parole evidence means:
spoken words.