CONTRACTS

Question 1

Common Law
Essential Contract Terms

(Q-TIPS)

Answer 1

Quantity

Time of performance

Identification of parties

Price

Subject matter

Question 2

Contracts - Applicability of Statute of Frauds

a fake ORGASM violates the statute of frauds

Answer 2

One year or longer

Real estate

Goods over $500 or intangibles over $5000

Administrator / executor of estate promising to cover costs

Surety agreements (guarantees on behalf of another, unless purpose is self-serving)

Marriage agreements (prenupitals)

Question 3

Contracts
Exceptions to Statute of Frauds

No writing necessary if the deal is made in a SWAMP.

Answer 3

SPECIALLY manufactured goods (production must have begun)

WAIVER

judicial ADMISSION that contract is valid

MERCHANT memo - UCC.
Add’l terms are part of deal unless
acceptance materially alters terms of offer
objected to in writing within 10 days from receipt
offer expressly restricted acceptance on terms

PART performance
goods already delivered
payment already received/accepted