UCC-Contracts September 20th

Question 1

Bad news and good news

Answer 1

Bad news: No power point
&
Good news:

Question 2

Statute of Frauds: three goals

Answer 2

Whats the policy behind statute of frauds?
.
How does the rule works in common law as well as under the UCC?
.

Question 3

Course at a glance Unit 1 question

Answer 3

Do we have a promise to enforce? (mutual assent)

Question 4

Course at a glance Unit 2 question

Answer 4

Is there some sort of restriction on the enforcement?

Question 5

Restrictions course at a glance

Answer 5

Contracts:
Statute of Frauds
Illegality
Capacity
Public policy

Question 6

General intro to statute of frauds?
Whats the common law rule with the statute of frauds?
What it means to have a writing?
How does the UCC define the statute of frauds

Answer 6

Learning objectives of today.

Question 7

Statute of Frauds definition

Answer 7

list of rules concerning evidence requirements of contracts that have the laid out characteristics.

Question 8

Examples where Statutes of Frauds is necessary

Answer 8

Land transfers
Will
Debt of the diseased
A willingness to pay the debt of another

Question 9

For specified types of contracts

Answer 9

Statute of frauds forbids enforcement unless there is:
Written memo signed by the plaintiff or be charged
an applicable exception

Question 10

What is the rationale of the statute of frauds??

Answer 10

1. Avoid fraud
2. Address power imbalances
3. encourage writtten record
4. less litigation
5. clarity of terms

Question 11

Features of UCC

Answer 11

1.can reference agreement (even if ora)l if:
a. Identifies parties
b. shows contract made.
c. indicates nature/essential terms
2. Signature by the party against whom enforcement sought.

Question 12

Framework of Statute of Frauds question

Answer 12

1. Is the transaction covered by common law or UCC?
2. Is the agreement within the statute?
3. If so, does the writing satisfy the statutory requirements?
4. If not, is the contract enforceable under an exception?

Question 13

Common law rule covers

Answer 13

1. To answer for the debt of decedent
2. Contract to answer for debt of another
3. Contract made for the sale of land including easements
4. Contracts that can’t be performed within a year.
5. *Georgia has two more rules. A promise to revive a debt after five years.
6. *The lending of money need to be in writing.

Question 14

How to know if you are dealing with common law or UCC

Answer 14

Common law concerns services and property. UCC only concerns the sell of goods.

Question 15

Who brings the statute of frauds defense?

Answer 15

The defendants

Question 16

Common law rule for

Answer 16

1. reasonable identifies the subject matter of the contract
2. is sufficient to indicate that a contract with respect there to
3. essential terms.

Question 17

Exceptions to common law statutes of failure

Answer 17

1. Promissory estoppel
2. Full performance by both parties
3. full performance by one party
4. Part performance (land sale and other contracts

Question 18

What brings something under the statute of frauds in the UCC?

Answer 18

When the value is more than $500