Statute of Frauds - 1st topic after midterms

Question 1

Types of Contracts that Must be Memorialized in Writing:
1. ?
2.
3.
4.
5.

Answer 1

1. Contracts for the sale of an interest in land

Question 2

Types of Contracts that Must be Memorialized in Writing:
1.
2. ?
3.
4.
5.

Answer 2

2. Contracts for the sale of goods for a price of $500 or more (per UCC §2-201)

Question 3

Types of Contracts that Must be Memorialized in Writing:
1.
2.
3. ?
4.
5.

Answer 3

3. Contracts for consideration of marriage

Question 4

Types of Contracts that Must be Memorialized in Writing:
1.
2.
3.
4. ?
5.

Answer 4

4. Contracts not to be performed within one year from the time they are made

Question 5

Types of Contracts that Must be Memorialized in Writing:
1.
2.
3.
4.
5. ?

Answer 5

5. Contracts for suretyship

Question 6

Contracts for the sale of an interest in land:
1. ?
2.
3.
4.
5.

Answer 6

1. Leases for more than one year

Question 7

Contracts for the sale of an interest in land:
1.
2. ?
3.
4.
5.

Answer 7

2. Easements for more than one year

Question 8

Contracts for the sale of an interest in land:
1.
2.
3. ?
4.
5.

Answer 8

3. Mortgages and most other security liens

Question 9

Contracts for the sale of an interest in land:
1.
2.
3.
4. ?
5.

Answer 9

4. Fixtures

Question 10

Contracts for the sale of an interest in land:
1.
2.
3.
4.
5. ?

Answer 10

5. Minerals (includes sub terrain water) (or the like) or structure if they are to be severed by the buyer

Question 11

If it involves real property, have it written. Month-to-month lease does not have to be written. True or False.

Answer 11

True

Question 12

ATTENTION! Pay attention to the contract’s end result/ purpose. Just because a contract involves land (or real property) does not mean it involves the “sale of an interest in land.”
Two examples:
1.
2.

Answer 12

1. Contract to construct an improvement on the land
2. Contract to invest in real estate and to divide profits

Question 13

_____________: Anything from structure itself, anything that increases the value of the land.

Answer 13

Improvement

Question 14

Contract to invest in real estate and to divide profits:
1.
2.
3.

Answer 14

1. Partnership agreement
2. Fund agreement
3. Other security agreement. Not a contract for a sale or interest in land

Question 15

Don’t see something involving land and assume it is under the statute!!!

Answer 15

!!!

Question 16

2)Contracts for the sale of goods for a price of ______ or more (per UCC § 2-201)

Answer 16

$500