Statute Of Frauds

Question 1

Statute of frauds

Answer 1

Specific Ks must be in writing. Oral Ks are not enforceable:

1. Consideration of marriage
2. K not be completed in more than a year
3. K for interest in land
4. K for an executor to answer for duty of decedent
5. K for guarantee of suretyship
6. K for sale of goods for $500 +
   * must be signed by the party against whom enforcement was sought.

Question 1

Suretyship

Answer 1

Main purpose rule not under s/f if done to protect his own economic interests.

Question 3

Ks more than a year

Answer 3

Year begins when K is made, not when performance begins.
Any k that can’t be completed in 1 year.
Majority rule: for lifetime not count because party could die within one year and terminate K without breach.
Part performance will not require full payment, but might entitle performing party to quantum meruit.

Question 4

Goods for more than $500

Answer 4

Writing must include quantity
Not need signed writing if goods have been received and accepted or if payment has been made and accepted.
specially manufactured goods are not subject to s/f if manufacture has substantially begun.

Question 5

UCC S/F

Answer 5

Between merchants, one sends a written confirmation.
Binding if the recipient does not object within 10 days.
Could be satisfied by part performance with respect to goods actually delivered.

Question 6

Terms required to satisfy s/f

Answer 6

1. Identity of parties
2. Nature and subject matter of K
3. Essential terms of the non preformed promises eg price and date of performance.
   Writing can be more than one doc.
   Can be prepared anytime, not have to be before performance.

Question 7

Land sales

Answer 7

only for leases longer than 1 year
Not for brokerage agreement
if only oral K, might be satisfied by part performance such as take possession and pay portion of the price.
risk of loss passes to buyer once binding k for sale signed.

Question 8

Merchants confirmation exception under UCC

Answer 8

Signed written confirmation will defeat the s/f brought by either party even if only signed by one, unless certain conditions are met.

Question 9

Florida additions to Ks that are subject to s/f

Answer 9

1. Subscriptions for mags or newspapers
2. Ks to charge Heath care providers for services
3. Home solicitation sales
4. Home improvement Ks
5. Credit agreement
6. Promise to pay a debt barred by SOL.