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 agreementWhen 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 MarriageY contracts for more than one Year L LandE EstateG Goods ($500 or more)S Surety

Question 2

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