Contract Documentation Flashcards
CONTRACT DOCUMENTATION - Need
Each situation has a valid verbal agreement. The question is what is necessary to be in writing.
CONTRACT DOCUMENTATION - Goal 1
Recognize the types of transactions that require documentation to be enforceable in the United States.
CONTRACT DOCUMENTATION - Goal 2
Explain the documentation required to make a contract enforceable
CONTRACT DOCUMENTATION - Goal 3
Compare and contrast legal documentation requirements and good documentation practices.
CONTRACT DOCUMENTATION - Goal 4
Understand the exceptions to legal documentation requirements.
Does the Statute of Frauds requires some WRITTEN,
SIGNED evidence that a valid contract exists in:
Contracts for an interest in LAND
Yes
Does the Statute of Frauds requires some WRITTEN,
SIGNED evidence that a valid contract exists in:
Contracts for an sale in LAND
No
Does the Statute of Frauds requires some WRITTEN,
SIGNED evidence that a valid contract exists in:
SURETYSHIP (co-signer on lending)
Yes
Does the Statute of Frauds requires some WRITTEN,
SIGNED evidence that a valid contract exists in:
SURETYSHIP (co-signer on lending)
No
Does the Statute of Frauds requires some WRITTEN,
SIGNED evidence that a valid contract exists in:
Contracts longer than ONE YEAR
Yes
Does the Statute of Frauds requires some WRITTEN,
SIGNED evidence that a valid contract exists in:
Contracts shorter than ONE YEAR
No
Does the Statute of Frauds requires some WRITTEN,
SIGNED evidence that a valid contract exists in:
Contracts surrounding the promise of MARRIAGE
Yes
Does the Statute of Frauds requires some WRITTEN,
SIGNED evidence that a valid contract exists in:
Contracts surrounding the promise of ENGAGEMENT
No
Does the Statute of Frauds requires some WRITTEN,
SIGNED evidence that a valid contract exists in:
Contracts for a SALE OF GOODS > $500
Yes
Does the Statute of Frauds requires some WRITTEN,
SIGNED evidence that a valid contract exists in:
Contracts for a SALE OF GOODS < $500
No
Does the Statute of Frauds requires some WRITTEN,
SIGNED evidence that a valid contract exists in:
Contracts for a SALE OF INTANGIBLES > $5000
Yes
Does the Statute of Frauds requires some WRITTEN,
SIGNED evidence that a valid contract exists in:
Contracts for a SALE OF INTANGIBLES < $5000
No
Does the Statute of Frauds requires some WRITTEN,
SIGNED evidence that a valid contract exists in:
List the areas of modification
Contracts for an interest in LAND
SURETYSHIP (co-signer on lending)
Contracts longer than ONE YEAR
Contracts surrounding the promise of MARRIAGE
Contracts for a SALE OF GOODS > $500
Contracts for a SALE OF INTANGIBLES > $5000
Which organization does not require a writing requirement?
CISG
Is the following a Statute of Frauds Writing Requirement?
The writing must show the PARTIES to the transaction.
Yes
Is the following a Statute of Frauds Writing Requirement?
the writing must show the TERMS to the transaction.
No
Is the following a Statute of Frauds Writing Requirement?
the writing must show A CONTRACT WAS CREATED.
Yes
Is the following a Statute of Frauds Writing Requirement?
the writing must where A CONTRACT WAS CREATED.
No
Is the following a Statute of Frauds Writing Requirement?
the writing must be signed BY THE PARTY WHO NOW IS TRYING TO AVOID PERFORMING.
Yes
Is the following a Statute of Frauds Writing Requirement?
the writing must be signed BY THE PARTY WHO NOW IS TRYING TO ENFORCE PERFORMING.
No
Is the following a Statute of Frauds Writing Requirement?
In a sale of goods >$500, must show the QUANTITY of goods to be sold.
Yes
Is the following a Statute of Frauds Writing Requirement?
In a sale of goods >$500, must show the QUALITY of goods to be sold.
No
Statute of Frauds EXCEPTIONS #1
Partial Performance (must include POSSESSION in land transactions).
Statute of Frauds EXCEPTIONS #2
Judicial Admission in an ancillary case.
Statute of Frauds EXCEPTIONS #3
UCC Merchants’ Confirmation in a sale of goods Between Merchants. (Only an exception to the SIGNATURE REQUIREMENT).
