Contracts - Statute of Frauds and Records

Question 1

What is the rule for Guarantee contract under the Statute of Frauds and Records?

Answer 1

Contract must be in writing AND signed by the guarantor under the Guarantee contract to hold the guarantor liable

Service contracts do not fall under this act

Question 2

Do all contracts require a $ amount to fall under Statute of Frauds and Records?

Answer 2

No, Only contracts for Sale of Goods are included under the rule that if the $ value is greater than 500$, contract needs to be in writing to fall within the ambit of Statute of Frauds and Records. For any other contract involving substantial amounts need not have a contract in writing. Oral contracts less than 500$ is enforceable

Question 3

Are oral contracts valid under Statute of Frauds and Records?

Answer 3

Yes, they are valid, however unenforceable. A written contract must be signed by both parties to be enforceable against them. If signed only by one, it is only enforceable against them

Question 4

Types of contract that need to be in writing under the statute of frauds act?

Answer 4

Guarantor of debt, interest in real property, that can’t be performed under one year, contract under sale of gods act for more than 500$, promises of executors for personal liability of the estate