Other Contract definitions

Question 1

Statute of Frauds The following contracts need to be in writing

Answer 1

• Guarantee agreement to be responsible for the contractual obligations of another party
• Agreement to be responsible of the tort obligation of another party
• Agreement by executor to be personally responsible for the debts of an estate
• Marriage Agreement
• Longer term Agreement- Scheduled to be complete in more than one year
• Land

Question 2

Exception to statute of frauds

Answer 2

Doctrine of part performance

• Land Only
• Clear otherwise enforceable agreement
• One Party performs acts to the land consistent to the contract
• Hardship

Question 3

Minimum requirements of a memorandum in writing

Answer 3

• Identify Parties
• Basic terms Mutual Consideration
• Signature by the party against whom enforcement is sought

Question 4

Parol Evidence rule

Answer 4

Courts will not accept or hear evidence of verbal agreements that precede a written agreement

Question 5

Parol evidence rule Exception

Answer 5

• To explain the terms
• condition precedent(something must occur before enforceable)
• Implied terms
• Collateral agreement (side agreement)