Statute of Frauds

Question 1

Common law Statute of Fraud Contract

Answer 1

A contract within the Statute of Frauds satisfies that statue and is enforceable if it is evidenced by a writing signed by “the party to be charged”

Question 2

Requirements of common law agreement for Statute of Fraud.

Answer 2

1. reasonably identifies the subject matter of the contract ,
2. is sufficient to indicate that a contract has been made and
3. states with reasonable certainty the essential terms.

Question 3

What contracts are within the Statute of frauds in common law.

Answer 3

MYLEGS

1. Contracts made in consideration of marriage
2. contracts that cannot be performed in a year.
3. contracts for the sale of an interest in land
4. promises by an executor to pay a debt of an estate out of his personal funds,
5. sale of goods over 500 dollars
6. suretyship contracts.

Question 4

What contracts are within the Statute of frauds under the UCC.

Answer 4

A contract for the sale of goods for a price of $500 or more is not enforceable unless there is a writing signed by the party against whom enforcement is sought that is sufficient to indicate that a contract for the sale of goods has been made between the parties.

Question 5

What is required under UCC statue of frauds

Answer 5

A writing need not contain all terms of the contract, but is not enforceable beyond the quantity of the goods shown.

Question 6

Exceptions under the UCC statute of frauds

Answer 6

Merchant confirmatory memo
Part performance exception
specially manufactured gods exception
and the judicial admission exception.