Business Law chapter 18 Schupp

Merger or Integration Clause

"This is the final and complete agreement.") is generally given effect.

Promissory Estoppel

A doctrine used for validating contracts as an alternative to consideration. Courts sometimes use that same concept to prevent a party to an oral contract from using the statute of frauds as a defense. Partly detrimentally relies on oral promise.

Parol Evidence Rule

A legal rule that forbids the introduction of prior statements- whether oral, written, or expressed in another manner- or statements made at the same time a written contract is formed that vary or contradict statements made in the written contract.

Doctrine of Part performance (equitable estoppel)

A legal theory, drawn from the laws of equity, used to prevent a party to an oral contract that has been partially performed from asserting the defense of the statute of frauds.

Guaranty Contracts

A person may seek to help another by guaranteeing the latter's debt. The debtor is primarily liable and the guarantor is secondarily liable. A guarantor is not liable to pay until it is shown that the debtor has not paid or cannot pay the debt. The statute of frauds requires that only the guarantor's promise to be in writing.

Course of dealing

A sequence of previous conduct between te same parties to a particular transaction

Written Confirmation Between Merchants

A signed confirmation of an oral contract sent within a reasonable time satisfies the statute if the _____ who actually receives it does not object by written notice within ten days.

Usage of trade

Any practice or method of dealing so regularly followed by businesspeople in a practice or trade that parties expect to follow the same practice or method of dealing

Specially Manufactured Good

Contracts involving goods for the buyer are enforceable even though the contracts are not evidenced by writings.

Partial integration rule

Exception requires the judge to determine if the written contract is totally or merely partially integrated. A total integration occurs when the parties intend the written contract to be the final and complete statement of their agreement.

Judicial Admissions

If the party to be charged admits in his or her pleadings, testimony, or otherwise in court that a contract of sale was made, the statute is satisfied.

Guarantor

In general, a guarantor is a person who by contract undertakes to answer for the debt of another and agrees to pay if the principal debtor does not.

Parol Evidence

Legal proof based on oral statements or other evidence not in the written document

Partial Integration

Occurs when the parties intend the writing to be final on the terms as written but not necessarily complete on all terms of their agreement.

Part Perfrmance

The code excepts oral contracts for the sale of goods that have been paid for or received and accepted.

Course of Performance

The exception of the parties who have had a history of agreements that require repeated performances.

Contracts that cannot be performed within one year

The period is measured from the time an oral contract is made to the time when the promised performance is to be completed. An oral agreement to hire a person for two years or to form and carry on a partnership for ten years would not be enforceable.

Contracts Involving Interests in Land

The statute of frauds requires a writing for a contract creating or transferring any interest in ____. The statute is applicable to contracts involving interests for a person's lifetime (called life estates), to mortgages, to easements, and to leases for a period in excess of one year. One of the exceptions to the statute is the doctrine of part performance which frequently applies to oral contracts granting an interest in _____.