U4&5 Contract of Sale, The Property

Question 1

The Contract of Sale- writing required?

Answer 1

SOF: a K of sale is void unless it is in writing and signed by the party to be charged

BUT part performance allows enforcement of a verbal sales contract if the buyer has taken that are only explainable by the existence of a verbal contract. such as

• taking possession of the property
• paying some or all of the price, or
• making improvements

where part performance is “unequivocally referable to the agreement” SoF does not apply

Question 2

Essential Elements of a K for sale

Answer 2

1. identify the buyer and seller
2. identify the property
3. recite the purchase price.

if these are met, and there is a writing signed by the party to be charged= the k is valid under SoF

Question 3

1. Identity of buyer and seller

Answer 3

contract does not comply with SoF if there is no identification by name or description of the buyer.

but if the seller is identified and there is a possibility that the buyer will be identified correctly it may be ok. (ask weinstock)

Question 4

2. Identify the property to be sold

Answer 4

property must be described with “Reasonable certainty”

Question 5

3. purchase price

Answer 5

terms of payment may be implied

a memorandum is sufficient even if it does not state how or when the price is to be paid.