Contracts > II. Contract Formation > E. Statute of Frauds as reason not to enforce agreement

Question 1

II. Contract formation > E. Statute of Frauds as a reason not to enforce an agreement

When does a contract’s enforceability require a writing signed by the party against whom enforcement is sought? (Acronym for types of contracts)

Answer 1

MYLEGS:
M Marriage
Y contracts for more than one Year 
L Land
E Estate
G Goods ($500 or more)
S Surety

Question 2

II. Contract formation > E. Statute of Frauds as a reason not to enforce an agreement

There are some exceptions that bring a contract within the Statute of Frauds even without a writing- one is the merchant’s confirmatory memorandum rule. What is the rule?

Answer 2

A prior oral contract between two merchants comes within the SOF:

(1) If one merchant sends a written confirmation to the other within a reasonable time after the oral agreement; and
- (the sending merchant is now bound)
(2) if the recipient doesn’t object to contents of that writing within 10 days after receipt
- (now the recipient merchant is bound, too)