SOF Flashcards
SOF - gral
Requires writing and signature by party against whom the contract is to be enforced against
- No possible waiver by parties (oral contract un-enforceable)
- Defense against contract formation
- Apply when MOULS
SOF - MOULS
- Marriage as consideration for property transfer (i.e. pre-nup, community agreement)
- Over one year
- UCC contract over $500
- Land sale or lease
- Suretyship contract (promises)
SOF - MOULS - Over 1 year
- Performance not within 1 year or UCC sales contract for over 1 year
- For employment contract importance is job duration and not project itself
- When for indefinite term SOF usually doesnt apply
- Possible enforceability for executed portion
SOF - MOULS - UCC over $500 K - Gral
- Over $500 or $1K if lease of goods
- Applies to modification if pushes contract over $ limit
- For contracts over $ limit, oral modification still unenforceable
- More relaxed than CL - “some” writing required - only signature of party charged is required
- PAWS exceptions - not need to write down
SOF - MOULS - UCC over $500 K - PAWS exceptions
- Part performance
- Admission
- Written merchant to merchant confirmation
- Specially manufactured goods
SOF - MOULS - UCC over $500 K - PAWS exceptions - Part Performance
Oral contract are enforceable for those already executed performance of it parts of it
SOF - MOULS - UCC over $500 K - PAWS exceptions - Admission
Oral contract enforceable if D admits to its creation
SOF - MOULS - UCC over $500 K - PAWS exceptions - Written Merchant to Merchant Confirmation
Any symbol or sign to confirm writing is sufficient if not objected within 10 days AND it must at least ID goods and contracting parties
SOF - MOULS - UCC over $500 K - PAWS exceptions - Specially manufactured goods
Goods that are not suitable to be sold to other people in ordinary course of seller’s business
SOF - MOULS - Land Sale or Lease over 1 year - Content
- written
- Sale: price + Full description of property + signature of seller
- Lease over 1 year: written + signature of lessor
- Also applied to included agreements such as conveynce deeds, encumbrances, contracts for land-based resources, contracts for crops if >$500, listing agreement with broker (commission!!!!)
SOF - MOULS - Land Sale or Lease over 1 year - Land Possessor Exception
When possessor has PIP (payment of price, possession, substantial improvements) - i.e. tax payment
SOF - MOULS - Suretyship Promises (contracts) - Concept
Accessory agreement by which person binds himself for another already bound, either for the whole or parts of the obligation in case of debt, default, miscarriage
SOF - MOULS - Suretyship Promises (contracts) - gral
Gral rule: Writing + signature by surety (party charged)
- i.e. promise to guarantee, PR promise to personally respond for estate debts.
- Issue of consideration when promise to:
a) debtor: consideration are goods to be delivered to debtor
b) creditor: new consideration is required for surety in the form of some kind of benefit
SOF - MOULS - Suretyship Promises (contracts) - Exception
When main purpose of contract is to benefit surety’s economic interest.
- oral promise can be enforced i.e. parent guarantee son obligation, pre-existing creditor who would receive payment after bank loan
SOF - Rules for Modification of contract
- CL and UCC: written modification required in most jdx
- But UCC will allow of oral contract as evidence of waiver of provision requiring writing
