Statute of Frauds

Question 1

Statute of Frauds Elements

Answer 1

1. requires that certain types of contracts must be in writing to be enforceable
2. the writing must describe the contract with reasonable certainty [see below]
3. the writing must be signed by the party to be charged

Question 2

How we show the writing describes the whole contract with reasonable certainty

Answer 2

Terms are sufficient to allow us to determine:

1. rights and duties of the parties
2. what constitutes a breach/existence of a breach
3. appropriate remedy
4. Includes the material terms
5. the totality of the circumstances

Question 3

Types of contracts which generally must be in writing [State laws may vary]

Answer 3

(Interest in Land: including all rental agreements)
(Examples of Personal Property)
(Assuming the debt of another)
(Miscellaneous)

Question 4

(Interest in Land: including all rental agreements) contracts that have to be in writing

Answer 4

1. *Contracts involving an interest in land (real property)
2. Contracts with a realtor, real estate agent or broker

Question 5

(Examples of Personal Property) contracts that have to be in writing

Answer 5

3. *Contracts for the sale of goods of $500 or more (tax not included)
4. Contracts for the sale of other types of personal property (that is not goods ie. business/IP) of more than $5,000
5. *Contracts for the sale of securities (stock/bonds)

Question 6

(Assuming the debt of another) contracts that have to be in writing

Answer 6

6. *Contracts whereby a party agrees to assume the debt or duty of another
7. Contracts whereby an Executor agrees to assume the debt of a decedent

Question 7

(Miscellaneous) contracts that have to be in writing

Answer 7

8. *Contracts which cannot be performed within one year
9. Wills and trusts [contracts to draft/prepare wills and trusts]
10. *Contracts in consideration of marriage (dowery etc.)

Question 8

Statute of Frauds - Part Performance Exception

Answer 8

Exception to the Statute of Frauds which allows oral sales of land in limited cases

Question 9

Statute of Frauds - Part Performance Exception

Elements

Answer 9

1. Conduct of the parties must satisfy the evidentiary function of the Statute of Frauds
   [Admission of an oral contract by the other party is a way to satisfy the element]
2. Must show oral contract has been partially performed + substantial reliance by purchaser
3. If elements met, allows court to order specific performance if necessary to prevent injustice

Question 10

Synonyms for “assuming the debt or duty of another party”

Answer 10

guarantor

surety

suretyship

Question 11

Synonyms for “executor”

Answer 11

a personal representative

an estate administrator

Question 12

Synonyms for securities

Answer 12

Stock

Bonds

Question 13

Errata ???

Answer 13

Securities is not one of the original 6; a promise by an Executor to assume/answer for the debt or duty of a decedent is one of the original 6.