Ohio Contracts and Sales Flashcards
What types of contracts are subject to the Statute of Frauds?
Marriage, Suretyship, contracts that cannot be peformed within One Year of their creation, contracts for the sale of goods under the UCC of $500 or more, or contracts for the sale of Real Property.
How may the Statute of Frauds be satisfied?
Via a writing that is signed by the party to be charged and contains the essential elements of the deal.
In the absence of a writing, how may the Statute of Frauds be satisfied under the UCC?
Under the UCC, no writing is necessary for (1) specially manufactured goods, (2) partial payment on the agreement, (3) receipt and acceptance of the goods, (4) a judicial admission of the existence of the contract, or (5) failure to respond to a memorandum sufficient against one party.
When may a contract be implied-in-law?
When a plaintiff confers a benefit on a defendant, a court may allow restitutionary recovery if (1) the plaintiff has conferred a measurable benefit on the defendant; (2) the plaintiff acted without gratuitous intent; and (3) it would be unfair to let the defendant retain the benefit because either (a) the defendant had an opportunity to decline the benefit but knowingly accepted it, or (b) the plaintiff had a reasonable excuse for not giving the defendant such an opportunity.
In the absence of a writing, how may the Statute of Frauds be satisfied in a real estate contract?
A transfer of an interest in real property is enforceable if subsequent acts by either party show the existence of the contract. Such acts include (1) payment of all or part of the purchase price, (2) possession by the purchaser, or (3) substantial improvement of the property by the purchaser.
