Chapter 2 - Statute of Fraud

Question 1

Statute of fraud

Answer 1

Requires a contract to be evidenced by a writing

Question 2

3 questions to ask yourself when dealing with an issue related to the statute of fraud

Answer 2

1. Does the agreement fall within the statute of fraud ?
2. Is the statute of fraud satisfied ?
3. Is there an alternative enforcement available ?

Question 3

What type of contracts does the statute of fraud govern ?

Answer 3

MY LEGS

Marriage, Year, Land, Executory, Guaranty, Sales of goods over 500$

Question 4

Marriage

Answer 4

Any contract related to marriage or prenup = in writing

Question 5

Year

Answer 5

Contract which takes longer than a year to perform.

The date of making the contract is more important

Question 6

Land

Answer 6

Any contract related to land = in writing. If not you won’t be able to enforce it.

Question 7

How can the statute of fraud be satisfied ?

1. Writing requirements
2. Piece of paper for a third party

Answer 7

1.
Not necessary to put all the agreement in writing need at least a memo that contains :

• Identity of the parties to attend action
• Nature & subject matter of the contract
• The essentials terms of the contract (price, performance…)

2. Suffice :
   - A written offer
   - A letter from one of the parties repudiating the terms of the contract
   - Must be signed by the parties to be charged, any symbol with the intention to identify the party

Question 8

Other alternatives for enforcement of a contract ?

Answer 8

Promissory estoppel = contract not in writing but will cause detriment

Recovery for benefits confer :
When one party bestows a benefit upon another in connections with an unenforceable (oral) contract, the aggrieved party may recover for benefit conferred

Question 9

Executory

Answer 9

Contract for an executor or administrator to answer for a dissident = in writing

Question 10

Guaranty

Answer 10

Contract to pay debt of another