Term
| Statute of Frauds: Defined |
|
Definition
| A statute which requires certain types of contracts to be in writing to be enforceable. Prior written agreements also do not count. |
|
|
Term
|
Definition
| The fraud corrected by this statute was perjury because interested parties could not testify so contracting parties would hire false witnesses |
|
|
Term
|
Definition
1. If contract must be in writing: inside or within the statute of frauds
2. If oral: outside the statute of frauds |
|
|
Term
| Sale of Interest in Land: Entire Interest |
|
Definition
| If ownership of land may be divided into various parts, the entire interest is all the parts available |
|
|
Term
| Sale of Interest in Land: Easements |
|
Definition
1. The right to use a portion of land without owning it
2. Roadway and utility easements |
|
|
Term
| Sale of Interest in Land: Profits |
|
Definition
| The right to come onto land and remove something from it (mineral rights and timber rights) |
|
|
Term
| Sale of Interest in Land: Mortgages |
|
Definition
1. A lien on land -> a lien is an interest which allows a sale of property to collect a debt
2. A mortgage gives the right to foreclose on land if an obligation is breached |
|
|
Term
| Sale of Interest in Land: Life Estate |
|
Definition
| The right to exclusive possession of land for a term based upon someone's lifespan |
|
|
Term
| Sale of Interest in Land: Leases |
|
Definition
| Some leases must also be in writing to be enforced as agreed |
|
|
Term
| Performance Beyond one Year: Defined |
|
Definition
| If performance of a contract must take more than one year from the date it is made, the contract must be in writing to be enforceable |
|
|
Term
| Possibility of Performance |
|
Definition
1. If there is a possibility that it may be within a year then only a oral agreement is required
2. Construction contracts may be presumed to be possible to be performed within one year but highly unlikely |
|
|
Term
| One Year is Calculated from the MAKING of the Contract |
|
Definition
| Not when the performance begins |
|
|
Term
|
Definition
| A promise to pay a creditor another ones debt if they cannot pay it. There must be at least 3 parties and 2 promises. |
|
|
Term
| Three situations where statute of frauds doesn't apply (contract doesn't have to be in writing) |
|
Definition
1. A promise to be jointly liable -> on the same basis as the debtor
2. A promise to be primarily liable -> liable instead of the debtor
3. The main purpose rule: if the primary purpose of the guarantee is for personal benefit, an oral contract is enforceable |
|
|
Term
| Promises Made in Consideration of Marriage |
|
Definition
1. Promise of Dowry
2. Prenuptial agreement |
|
|
Term
| Sale of Goods Priced at $500 or more (UCC) |
|
Definition
| 1. When goods are priced at $500 or more (cannot just be valued at $500 or more) |
|
|
Term
|
Definition
1. Common law the writing must be sufficient to show the ESSENTIAL TERMS of the contract
2. The contract must be SIGNED by the party being SUED.
3. Contract is considered unenforceable if no writing |
|
|
Term
| Exceptions to the Statute of Frauds |
|
Definition
1. Performance: Complete performance by one party remove contract from statute of frauds
2. Admissions of terms: When the defendant admits there is a contract, the contact is enforceable to the extent of the admission |
|
|
Term
|
Definition
| Evidence of oral statements doesn't work as evidence to alter the terms of a written contract |
|
|
