Chapter 16 Writing Requirement Flashcards
Statute of frauds
Statute that stipulates what types of contracts must be in writing
Collateral promises
Made by a third party to assume the debts or obligations of a primary party to a contract if that party does not perform
Primary obligation
A promise to pay another person’s debt that is not conditioned on the person’s failure to pay (or perform)
Secondary obligation
A promise to pay another’s debt only if that party fails to pay
One-year rule
A contract that cannot be performed within one year from the day after the contract is formed
Main purpose rule
When a guarantor’s main purpose of incurring secondary obligation is for his/her own benefit, it doesn’t need to be in writing
Specific performance
An equitable remedy that requires performance of the contract according to its precise terms
Parol evidence
Testimony or other evidence of communication that is not contained in the contract itself
Integrated contracts
Written contracts that are intended to be the complete and final statement of the terms of the agreement
Parol evidence rule with contradicting evidence…
No matter complete or partial integration, evidence that contradicts the writing are not admitted
Statute of Fraud in international context…
Not enforced, most countries do not require it anymore
Convention on Contracts for the International Sale of Goods (CISG)
Governs international sales contracts
