Chapter 16 Flashcards
What is statute of frauds?
Certain contracts to be in writing, no compliance means not enforceable.
How is promises made in consideration of marriage applicable to statute of frauds?
Unilateral, promise to make a payment or give property, pre-nuptial agreements.
What is the one-year rule?
If contract cannot be performed within one year, requires writing.
How is land applicable to statute of frauds?
Land is real property, includes permanent structures and fixtures. Must include legal description.
How is sale of the goods applicable to statute of frauds?
In writing if sale of goods $500 or more, only needs quantity, most terms can be omitted if adequately reflected.
How is surety applicable to statute of frauds?
A collateral promise is one that is ancillary to a principal transaction (co-signer).
What is the partial performance exception to writing requirements?
Indication that one party believes a contract exists, may grant specific performance like performing contract.
What is the admission exception to writing requirements?
If defendant admits under oath that contract was made means enforceable.
What is the promissory estoppel exception to writing requirements?
Stops denial of contract (plaintiff suffered harm from a promise that they relied on).
How are writing requirements satisfied?
Written contract, electronic record, evidences agreement, signed by defendant, signatures anywhere in the writing typed name initials, or symbol.
What are the different types of valid writing?
Order confirmation, invoice, sales slip, check, fax, email, multiple documents must be physically together.
What must be included in writing?
Indication of agreement, UCC (quantity to be charged) common law (names of parties, subject matter, consideration, timing).
What is the 4 corners doctrine?
If contract complete and not ambiguous then neither party allowed parol evidence (evidence outside contract).
What is the merger clause, a part of 4 corners doctrine?
States this contract is entire deal (no spoken promises enforceable in contract).
What is undue influence in contracts?
Relationship is great influence, essentially overcome that party’s free will. No voluntary consent is voidable.
