statute of frauds Flashcards
Rule Statment SOF
To overcome a statute of frauds defense, you must provide a writing that proves a contract existed between the two parties and a signature of the party against whom enforcement is sought
What types of contracts are under SOF
Marriage, Surety, Land, Contracts that cannot be performed in less than a year, executor, goods over $500
Common Law Writing requirements
the Signed writing must show that an offer existed, identify the parties, contain certain terms, and contains the signature of the party against whom enforcement is sought
In common law, what terms need to be found in writing?
Price, quantity, subject matter, time and place of delivery, consideration, and any other material terms
What is an acceptable signature under common law?
Any symbol placed intentionally on a document that confirms a contract was made
UCC writing requirements
must contain quantity and a signature of the party against whom enforcement is sought
What is an acceptable signature under UCC?
much more flexible but any intentionally placed symbol
UCC 201 (1)
A contract for the sale of goods for $500 or more is not enforceable unless there is writing evidencing a contract and it is signed by the party against whom enforcement is sought
UCC 201 (2) Two Merchant Rule
When two merchants enter into an oral agreement and one of them sends the other a written confirmation of the agreement, the contract is enforceable, despite the lack of signed writing unless the recipient merchant rejects it within 10 days of receipt
UCC 201 (3) exceptions to 201 (1)
If a contract fails under 201 (1) it will still be enforceable if:
1. the goods were specially manufactured for the buyer and are not suitable for sale to others AND the seller has begun manufacturing the goods
2. the party against whom enforcement is sought admits a contract was made
3. payment has been made and accepted or goods have been received and accepted
