Statute of Frauds

Question 1

What is MYLEGS?

Answer 1

Marriage
Year provision
Land interest
Executor
Goods
Suretyship

Question 2

What do they stand for?

Answer 2

A contract does not usually have to be in writing except for MYLEGS.

Marriage: not mutual promises to marry
Year provision: must be written if takes a year or longer to complete performance. Starts at date contract was entered into.

Land interest: transfer of land needs to be in writing. Except for short term leases

Executor and Suretyship: to pay the debts of another except leading object rule

Goods: over $500 need to be in writing

Question 3

Majority rule for one year provision:

Answer 3

if given an option to terminate and actually terminates that is complete performance and capable of being performed in one year.

full performance must simply be possible.

Question 4

Minority rule for one year provision performance:

Answer 4

performance must be over a year

Question 5

Signed writing satisfaction common law:

Answer 5

1. signed by or behalf or parties
2. identifies subject matter of the contract
3. Essential terms

the offer is sufficient

Question 6

Signed writing satisfaction UCC:

Answer 6

1. sign by or behalf of the parties
2. evidence of real transaction
3. quantity term

Question 7

Part performance doctrine:

Answer 7

A contract for the transfer of an interest in land may be specifically enforced despite failure to comply with the Statute of Frauds if the party seeking enforcement has so changed his position that injustice can be avoided only by specific enforcement. (on reasonable reliance and continuing assent of the other party)

Question 8

Two rationales of part performance doctrine:

Answer 8

1. reliance provides evidence that the promise was in fact made
2. would be unjust to not specifically enforce the promise when the promisee has relied on it

type of reliance, amount of reliance, and lack of alternative remedy is important. Must be such that restitution is an inadequate remedy.

Question 9

Factors of sufficient part performance:

Answer 9

1. Possession or exclusivity
2. Payment or tender of consideration
3. Improvements

Question 10

Majority Rule of part performance doctrine:

Answer 10

payment in full is insufficient need more.

Question 11

UCC part performance doctrine:

Answer 11

A contract does not need to be signed if the goods were paid for and received or if they were received and accepted.

Question 12

UCC Court related admission:

Answer 12

do not need to be signed in writing if in court a person admits there was an agreement or contract.

Question 13

Common law court-related admission:

Answer 13

Need to be in writing even if admitted in court.

Question 14

(UCC) Merchants exception to signature Requirement:

Answer 14

if within a reasonable time a writing in confirmation of the contract and sufficient against the sender is received and the party receiving it has reason to know its contents, it satisfies the writing Requirement. Unless written notice of objection is received within 10 days.

Question 15

Equitable estoppel statute of frauds:

Answer 15

A party will be precluded from using the statute of frauds as a defense if: the party misrepresented to the other party whether a signed writing was required, whether the party would comply with the signed writing requirement, or whether the signed writing requirement was already satisfied, and the other party reasonably relied on the misrepresentation

Question 16

Majority rule promissory estoppel defense:

Answer 16

Cannot be used to circumvent the statute of frauds.

Question 17

Minority rule promissory estoppel defense:

Answer 17

can be used to circumvent the statute of frauds if it will prevent injustice only by enforcing the promise.

Question 18

Whether injustice will occur factors:

Answer 18

1. availability and adequacy of other remedies
2. definite and substantial character of the reliance
3. reliance corroborates the making and terms of the promise
4. reasonableness of the reliance
5. was reliance foreseeable