STATUTE OF FRAUDS

Question 1

General rule for how Ks can be made AND the effect of the Statute of frauds

Answer 1

Oral or written

SOF - A K that falls under the SOF must be in writing and be signed by the party against whom enforcement is sought

Question 2

Category of K subject to SOF

Answer 2

MYLEGS

1. Marriage
2. Year or longer
   - Is there a chance it can be completed within a year (from K date)
3. Land
4. Executor
5. Goods over $500
6. Surety
   - Main purpose exception: If main purpose is to grantor’s economic interests, the SOF does not govern.

Question 3

SOF requirements

Answer 3

Writing
Signed by parties to be enforce against

Satisfaction by part performance in the case of:

1. Land Sale Ks - Payment on all or part of purchase price, taking possession of land, making substantial improvements to property
2. One Year Ks - A fully performed K is enforceable despite SOF