Chapter 16 Flashcards

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1
Q

Statute of Frauds states that a state statute…

A

Must be in writing for it to be enforceable

Does not apply to fraud

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2
Q

What are 5 business contracts that must be in writing?

A
  1. Land
  2. Contracts that can’t be completed in a year
  3. Collateral Promises
  4. Consideration of Marriage
  5. Contracts for sales of goods
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3
Q

Why do contracts that can’t be completed in a year have to be in writing?

A

Because longer contracts tend to be harder to prove since memory can be hazy

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4
Q

Collateral Promise

A

A promise to answer the debt for someone else

Consists of primary + secondary promises

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5
Q

Primary Promises

A

Obligations not conditioned on the person’s failure to perform

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6
Q

Secondary Promises

A

Obligations to pay only if that party fails to pay

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7
Q

Which kind of collateral promise must be in writing?

A

Secondary promises

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8
Q

Consideration of Marriage

A

An unilateral promise for something in consideration of marriage

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9
Q

Prenuptial Agreement

A

An agreement made before marriage that defines each partner’s ownership rights in the other partner’s property

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10
Q

The UCC requires evidence stating the quantity sold for…

A

Sales totaling $500 or more

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11
Q

3 exceptions to the writing requirement are…

A
  1. Partial performance
  2. Admissions
  3. Special UCC exceptions
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12
Q

Partial performance indicates that…

A

At least 1 party believes there’s a contract

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13
Q

An equitable remedy for partial performance is…

A

Specific performance

It requires full performance of the contract as promised

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14
Q

If a party who enforced the oral contract admits a contract was made, will the contract be enforceable?

A

Yes

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15
Q

What are the 2 special UCC exceptions?

A
  1. Oral contracts for customized/unique goods (Just For You!)
  2. Oral contracts between merchants w/ documented proof + confirmation
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16
Q

To satisfy the writing requirement, the contract needs…

A
  1. To be documented (method doesn’t matter)
  2. To be signed by the defendant
  3. Basic elements of a contract
  4. To be thorough + account for every possible “what if?”
17
Q

Parol Evidence Rule

A

A rule where a court won’t receive/consider any outside evidence that contradicts/varies the terms of the written contract

18
Q

Exceptions to the parol evidence rule are contracts that are…

A

-Subsequently modified
-Void
-Ambiguous + confusing
-Incomplete