Contracts: Statue of Frauds

Question 1

Must be in writing under Statute of Frauds

Answer 1

Guaranty of debts
interest in real property
impossible to perform in one year
goods priced $500 or more
Promises of executors for personal liability of debts

Question 2

Guaranty of Debts

Answer 2

Does not apply to the original promise.

Does not apply if you own a business and guaranty to pay its debts.

Question 3

Interests in real property

Answer 3

Includes: real property purchase, lease, mortgage, easement, any other real property interest, real estate broker contracts

Partial Performance Exception (not in writing if:)

• payment of some part of purchase price (not alone)
• buyer is in possession (living there or developing)
• buyer has made valuable improvements

Question 4

Cannot be performed within one year

Answer 4

Applies only to contracts that are impossible to perform in one year.

Measured from date of acceptance

Question 5

Sale of Goods

Answer 5

$500 or more

Question 6

Exceptions to statue of frauds

Answer 6

Merchants conformation memo
Special Ordered Goods
Admission under oath
Performance by buyer (takes possession or makes payment accepted by seller)