Statute of Frauds & Records

Question 1

What types of contracts must be in writing under the Statute of Frauds?

Answer 1

1. Guaranty of debt contracts
2. Interest in real property
3. Impossible to perform w/in 1 year of formation
4. Sale of goods priced at $500 or more
5. Promises of executors for personal liability for debts of the estate

Question 2

T/F: A contract that promises to pay the debt of another does not need to be in writing under the Statute of Frauds.

Answer 2

False. It must be in writing.

Question 3

What is a guarantor?

Answer 3

A person who promises to pay the for someone else’s debt if he/she should default on a loan.

Question 4

List the situations in which the partial performance

exception for real property agreements apply.

Answer 4

1. Payment
2. Possession
3. Improvements

Question 5

The one-year mark for a contract starts when?

Answer 5

Date of acceptance

Question 6

Sale of goods priced at $____ or more must be in writing under _______.

Answer 6

$500 / UCC

Question 7

What is the criteria for a valid writing/record?

Answer 7

1. Signature
2. Merchant’s confirmation requires 1 party’s signature
3. Be in 1 document or formal.

Question 8

What is a fully integrated contract?

Answer 8

A contract that is complete, final, and unambiguous.

Question 9

T/F: For a real estate contract, both parties must sign.

Answer 9

True.