Statute of frauds

Question 1

Statute of frauds - 6 categories (MYLEGS)

Answer 1

General rule: oral contracts equally enforceable.
6 categories required to be IN WRITING and SIGNED BY DEFENDANT
- Marriage
- can’t possibly be performed within one Year
- sale of Land
- Executor/administrators answering for decedent’s duty
- Guarantees/suretyships (unless for guarantor’s protection)
- Sale of goods $500+ (UCC)

Question 2

Satisfying the SoF

Answer 2

Writing requirement: need 3 terms

• identity of parties
• nature and subject matter
• essential terms, such as price and date for performance

Signature: ANY symbol w intent to authenticate (inc letterhead, stamp)

Performance:
Land sale contracts: part performance satisfies SoF. Need any combination of:
- payment of all or part of purchase price
- taking of possession of land
- substantial improvement of property

One-year contracts: enforceable despite SoF ONLY if FULLY performed

Question 3

UCC statute of frauds

Answer 3

Sale of goods $500+
5 ways to satisfy:
- signed writing (needs quantity and signature by party enforced against)
- Merchant’s confirmation (oral agreement b/t TWO merchants, written signed confirmation
of deal sent by one) - unless objected w/in 10 days
- admission in court
- part performance (either payment or goods accepted by other party)
- custom/specially manufactured goods, if detrimentally relied on and not ordinarily resellable