Module 10 - Contracts in Writing Flashcards
1
Q
why are some contracts required to be in writing?
A
to prevent fraud (statue of fraud)
2
Q
What 5 contracts must be in writing
A
- Sale of Goods
- Marriage Consideration
- Real Estate
- Collateral Promises
- One Year Rule
3
Q
Sale of Goods
A
any sale of goods more than 500 needs to be in writing (not services just sales)
4
Q
Do Prenups need to be in writing
A
yes
5
Q
what are collateral promises?
A
promises to guarantee debt of another person
example: co-signer
6
Q
what is the one year rule
A
any contract that by its own terms cannot be performed in one year needs to be in writing
7
Q
what is the sufficiency of writing
A
have to be able to piece together the evidence
8
Q
what is the parole evidence for written contracts
A
anything that did not make it into final agreement was negotiated out and is not a part of your agreement
