STATUTE OF FRAUDS Flashcards
1
Q
SOF as a Defense
A
Can be used as a defense if it’s one of the applicable contracts (MYLEGS) and it’s BEFORE having to perform (aka an excuse not to perform)
once both parties perform, SOF can no longer be used as a defense
2
Q
Types of Contracts under SOF
A
M: Marriage
Y: contracts that cannot be performed in less than 1 Year
L: Land
E: Executor
G: Garantor aka asurity Ks (guaranteeing the debt of another)
S: Sale of Good of $500 or more
3
Q
Exceptions to SOF requirements
A
if there’s part performance:
- writing requirement is removed
Land contracts: make some payment & take possession or make improvements to land
Sale of Goods: part payment & part delivery (i.e. down payment given & 1/3 of goods delivered)
