Chapter 19 - The Statute of Frauds

What are weird examples of the one year rule?

The life nsurance because you can die in one year f the loan because you can go bankrupt in one year.

What is the exception to the rule that a collateral promise contract has to be in writing?

If the gurantors primary purpose in accepting personal liability is to secure personal benefit (Main purpose rule)

What are requirements for promissory estoppel?

1) Clear and definite promise 2) Promisor must have expected that promisee would rely on that promise 3) The promisee reasonably relied on the promise by acting or refraining from some act 4) The promises reliance resulted in substantial detriment 5) Enforcement of the promise is necessary to avoid injustice

What are the five types of contracts that fall under the Statute of Frauds?

1) Interest in Land (Anything permanently attached to land - fixture) 2) Execution requires more that 1 year 3) Collateral Contracts 4) Promises made in consideration of marriage 5) Sale of goods that are worth more that $500

What are exceptions to the statute of frauds?

1) Partial Performance 2) Admissions ( Oral agreement made under oath) 3) Promissory Estoppel 4) Special Exceptions under the UCC

What are the "marriage" promises that are required to be in writing?

Money or property or prenuptial agreements

What are exceptions to statute of fraud under UCC?

Oral contracts for highly customized items worth more than 500 Oral contracts that have been made between merchants that have been confirmed in writing

What is the definition of the statute of frauds?

Statutes that exist in every state which require that certain types of contracts are enforceable only if the contract is in writing or evidenced by a written memorandum or electronic record that is signed.

What is the only thing that needs to be in writing for goods that are worth over 500 under the UCC/

The quantity term

What is partial performance?

When a contract has been partially performed, court may grant special performance