SOF Flashcards
What contacts need to satisfy SOF
M. Sour
(Marriage, Suretyship, One year, UCC, Real Property
Marriage
A contract made in consideration of Marriage (like a prenup)
Suretyship
A contract promising to pay the debt of another
The main purpose exception- If the main purpose in agreement to pay the debt of another is for the surety’s own economic advantage then it is not in SOF worlds
One Year rule
A contract that cannot possibly be performed within a year
Real property
Applies only to transfers of real property. A lease of less than one year is not in SOF world
Requires 1) Signed writing or 2) Part performance
Part Performance of real estate K
Need 2 of the 3
1) Possession
2) Payment of some price
3) improvements to the land
UCC contracts for sale of goods for $500 or more
1) By performance- Part performance will satisfy the SOF but only for the quantity that has been delivered and accepted
2) By signed writing by party whom enforcement is sought against- Must mention quantity (only valid for quantity stated)
Exceptions to UCC SOF
1) Custom made goods soon as a substantial beginning toward making the goods has occurred
2) Judical Admission
3) Failure to object to confirming memo within 10 days when both parties are merchants
SOF and modification
A modification must satisfy the SOF only when the contract as modified would be subject to SOF
IN Virginia, these contracts are also subject to SOF
1) Post infancy promise to pay a debt incurred during infancy
2) Promise by executor to pay a debt of the estate within his own money
3) Real estate brokerage contract
4) A promise to lend money or extend credit in the amount of 25k or more
In Virginia the defense of part of performance is shown by
1) The parol agreement relied upon is certain and definite in its terms
2) The acts proved in part performance are connected to that agreement ;and
3) The agreement was so far executed that a refusal or a full execution would operate a fraud upon the party
