contract_slides_part_3_08

contract_slides_part_3_08 - Business Law I Contracts –...

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Unformatted text preview: Business Law I Contracts – Part III Fall, 2008 PowerPoint Slides Slide 1 Statute of Frauds • General rule : Oral contracts are enforceable. • Exceptions : Several important types of contracts must be in writing to be enforceable. ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Slide 2 Written Contract Required • Guaranteeing the debt of another • Incapable of full performance within one year • For sale or other transfer of an interest in land • For sale of goods valued at more than $500. • For sale of IP valued at more than $5,000. ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Slide 3 Guarantee Agreement • Must be in writing if guaranteeing another person’s debt or obligation – Secondarily, not primarily, liable • Exception: “main purpose rule” • See Power Entertainment v. NFL, Case 18-1 ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Business Law I Contracts – Part III Fall, 2008 PowerPoint Slides Slide 4 Guaranty/Surety Relationship contract A B third party agreement C guarantor or surety ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Slide 5 Incapable of Full Performance Within One Year • Complete performance must be impossible , not merely improbable • What happens if there is full performance by one party? • What happens if there is part performance? ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Slide 6 Contract Involving Land • Rules apply to a promise to transfer or buy any interest in land • Will an oral contract involving land ever be enforceable? – If seller makes conveyance called for in the contract. – If the buyer can prove detrimental reliance. ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ Business Law I Contracts – Part III Fall, 2008 PowerPoint Slides Slide 7 UCC Rules -- § 2-201...
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This note was uploaded on 03/09/2009 for the course NBA 5600 taught by Professor Grossman,dale during the Fall '08 term at Cornell.

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contract_slides_part_3_08 - Business Law I Contracts –...

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