Module 10 Flashcards
What does a statute of frauds say about electronic records?
It allows them to satisfy the requirement of a writing if certain conditions are met, and the parties have agreed to communicate electronically
What is the statute of frauds?
Says that certain kinds of contracts must be in writing (notes and memos of agreement are allowed) and should be signed by the party being charged/the party’s agent
What is a suretyship contract?
Guarantee of payment or performance is another fails to pay
What is a promise of suretyship by an executor or administrator?
Promised answer damages out of your own estate and within the statute of frauds meaning that a record is required
What are the two different types of promise to answer for the obligation of another suretyship contracts?
- collateral
- original
What is the collateral promise to answer for the obligation of another?
When an oral promise contravenes the statute of frauds because there is no record
What is an original promise to answer for the obligation of another?
When the oral promise doesn’t contravene the statute of frauds
What Must always exist before statute of frauds applies?
Mutual assent
What is an obligation!
All duties recognized by law, whether contractual or not
In order to answer for the debt of another there must be what?
1) at least avoidable obligation to the person
2) a known principal surety relationship
What is the main purpose rule?
If the party promising has for his object of benefit which he didn’t enjoy before his promise, which occurs immediately to himself, his promises original, whether made before, after, or at the time of the premises third-party, notwithstanding the effect is to promise to pay or discharge the debt of another
What are The two elements of the main purpose rule?
A) must be consideration for defendant’s promise
B) consideration must be beneficial to the defendant
If you owe money to someone, and that person has a lean on your property and your mom promises to pay the debt to discharge the lien, does the main purpose rule apply?
Depends on whether your mom has some interest to protect, if so then yes the rule applies, if not then it doesn’t
Are promises of indemnity with in the SOF?
No
What is suretyship?
A promise to answer for the debt, default or miscarriage of another
What is a promise of indemnity?
When the contract is made solely for the benefit of the promisee, and not for the accommodation or benefit of some third person
What is a promise of the del Credere agent?
One who receives possession of the goods for sale on commission and who guarantees to the principal the buyers on credit will pay. The oral promise is not within the SOF
How does that SOF apply to consideration of marriage contracts?
Covers any agreements made on consideration of marriage, but doesn’t apply to mutual promises to marry, but does apply to promises to give money, property, or anything else in exchange for marriage. Doesn’t apply if the promise is made just in contemplation of marriage
What does statute of frauds require for contracts for the sale of land?
They aren’t enforceable unless there’s a sufficient record signed by the party to be charged
Do UCC says that no contract is enforceable beyond the quantity stated in a writing or other record. T or F?
True
If the party has received an excepted goods, what is the assumption?
unambiguous overt admission of a contract actually exists
If there’s only been part payment on ucc contract, what is the person responsible for?
The contract is enforceable only for goods that payment has been made and accepted
Part payment only gives rise to what?
Partial enforcement. If I just apportionment can be made, it should be, and if it can’t, part payment should make the entire contract enforceable. Can be made by money, check, goods, or services so long as they are excepted
What is the one-year provision work in the statute of frauds?
The contract must be completed within one year of its commission in order for there not to be a writing.