Chapter 15 Flashcards
What is the statute of frauds
A statute maintaining that certain contract must be in writing to be enforceable. This includes electronic signature.
What agreements are under the statute of frauds
Suretyship contracts
Agreements under marriage
Agreements to the interest or sale of land
Agreements that cannot be performed within a year (of the date agreed upon)
Executive administrator provisions
What is a suretyship
A promise to pay for the debt of others. If the surety is deriving economic benefit for themselves it does not have to be in writing
What is an executor administrator provision
Promises to answer for the deceased
What is the one year provision under the statute of frauds
Contracts that cannot be performed within one year must be in writing. Possibility test of whether it can be performed within a year and the year is from when the agreement is made
How are the sales of goods treated under the statute of frauds
An agreement for the price of goods worth $500 or more must be evidenced by a contract. Goods that have been delivered and accepted (paid for) are validated by contract
How are specifically manufactured goods treated
Oral contracts for specifically manufactured goods are enforceable
Can you orally modify contracts under the statute of frauds
Oral contracts modifying preexisting contracts are unenforceable if the existing contract is under the statute of frauds
What are the general provisions under the statute of frauds
Specify parties of contract
Specify subject matter and essential terms
Be signed by party to be charged
How does promissory estoppel effect Statute of Frauds
oral contracts will be enforced if they are within the purview of promissory estoppel
What is the parole evidence rule
Contracts in writing intended to be the complete agreement are not subjected to change by prior oral or written agreements
What are exceptions to the parole evidence rule
Contract is partially written or oral
Correction of typographic error
Showing that a contract was void or voidable
Showing whether a condition or fact occurred
Showing a subsequent mutual recession or modification
When may supplemental evidence admitted
Course of dealing (previous conduct between parties)
Usage of trade
Course of performance (extend which parties have accepted/complied)
Evidence of consistent additional terms
What is extrinsic evidence
Evidence outside of a contract
