Statute of Frauds Flashcards
1
Q
To what does the Statute of Frauds apply?
A
MSOUR
(M)arriage
(S)uretyship
(O)ne Year
- contracts that cannot be performed within one year of the contract being made must be in writing.
(U)CC
- $500+
- ID parties
- quantity terms
- Signed by party to be charged.
- indicate a contract made.
(R)eal Property
- Even if oral contract is not enforceable, subsequent acts may make it enforceable such as payment, possession or improvement.
Exceptions
- Specially manufactured goods.
- When both merchants, one party doesn’t respond within 10 days and knows what is in memo, enforceable.
2
Q
What is required for a Statute of Frauds writing?
A
Signed by the party to whom enforcement is sought.
Contain essential terms
