Chapter 15: Contracts in Writing

Question 1

What are the types of contracts covered by the SOF?

Answer 1

1. Sale of goods exceeding $500
2. Contracts that cannot be performed within one-year (one-year provision)
3. Contracts conveying an interest or sale of property

Question 2

What are the contract provisions for the Statute of Frauds?

Answer 2

1. Specifies the parties to the contract
2. Specifies the subject matter and essential terms
3. Signed by the party disputing the contract

Question 3

What are the essential terms of a contract?

Answer 3

parties, quantity, quality, subject matter, and sometimes price

Question 4

What is the Statute of Frauds?

Answer 4

Requires that certain contracts must be evidence by writing using permanent words to be enforcable