Statute of Frauds

Question 1

What is the statute of frauds

Answer 1

says that certain classes of contracts must be in a signed writing to be enforceable

Question 2

What are the 6 classes of contracts under statute of frauds?

Answer 2

marriage, contracts that can’t be performed in one year, land, executor-administrator, goods that are $500+, suretyship

Question 3

A marriage contract does not fall under statute of frauds if:

Answer 3

it consists solely of a mutual promise of two parties to marry each other

Question 4

When is a land contract enforceable even when there is no signed writing?

Answer 4

If the party seeking enforcement has reasonably relied on the contract an incurred a detriment, such that injustice can only be avoided by enforcement

Question 5

What is a executor-administrator contract?

Answer 5

a promisor agrees to answer for a duty of the decedent

Question 6

What is a suretyship?

Answer 6

promisor agrees to answer for a duty of another person

Question 7

What is the main purpose rule under suretyship?

Answer 7

a suretyship contract does not have to be in writing to be enforceable if the promisor’s main purpose of entering the contract is to further his own economic advantage rather than to benefit the other person