Business law chapter 11
What types of agreements did the statute of frauds say needed to be in writing?
1) an agreement to sell land or any interest in or concerning land 2) and agreement the terms of which cannot be performed within one year from the time it is made 3) and agreement to become responsible for the deaths or default of another 4) an agreement of an executor or administrator to pay the debts of the estate from the executor's or the administrator's personal funds 5) And agreement containing a promise in consideration of marriage 6) an agreement to sell goods for $500 or more
What year did the English Parliament enact a law known as the "statute of frauds"?
1677
All contracts of importance ought to be in writing, but only a few must be written in order to be enforceable
An oral contract is just as effective and enforceable as a written contract unless it is one of the few types specifically required by statute to be in writing
A written contract has advantage over an oral contract
As long as it includes ALL TERMS AND PROVISIONS of the agreement, the existence of a contract CANNOT be DENIED if it is in writing
What does the term default mean?
Default refers to a breach of any contractual obligation. Including the payment of money, but also other obligations, such as a failure to build a house.
What is parole evidence?
Parole evidence is often spoken words that would modify or contradict the terms of a written contract that appears to be complete. Unless there is evidence of fraud, accident, or mistake to prove that the writing is in fact not a contract or is considered incomplete. BASICALLY parole evidence is anything that would make the court question the validity of a contract that otherwise appears perfectly fine. And the court will not use parole evidence. This is known as parole evidence rule.
In 1677 who enacted a law known as of the statute of frauds?
The English Parliament
What are common contracts that must be in writing to be enforceable?
The sale of securities agreements to pay a commission to a real estate broker and a new promise to extend the statute of limitations
What was the purpose of the statute of frauds?
The statute listed certain "agreements" that could not be enforced unless their terms were in a written document
What is debt?
The term debt refers to an obligation to pay money
What does the statute of frauds require when it comes to notes of memorandum?
When a party sues to enforce an alleged contract the statute of frauds requires that the contract be evidenced by a writing signed by both parties Or that there be a note or memorandum in writing signed by the party against whom the claim for breach of contract is made basically what this is saying is that the statute of frauds requires you to provide a signed document if you were going to sue regarding a signed document. You have to prove that it exists.
