contract_slides_for_web_08_part_3

contract_slides_for_web_08_part_3 - Statute of Frauds...

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Statute of Frauds General rule : Oral contracts are enforceable. Exceptions : Several important types of contracts must be in writing to be enforceable.
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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.
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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
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Guaranty/Surety Relationship contract A B third party agreement C guarantor or surety
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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?
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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.
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UCC Rules -- §2-201 See green handout UCC 2-201(3) exceptions Specially manufactured goods See Kalas v. Cook , Case 18-2 Admission against interest “Special” part performance rule
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Non-UCC Memorandum Requirements The writing reasonably identifies the subject matter of the contract The writing indicates that a contract has been made between the parties The writing includes the essential terms of the contract The writing is signed by the party to be charged See Heinrich v. Martin
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UCC Memorandum Requirements - UCC 2-201(1) There is some writing “sufficient to indicate” that a contract has been made The writing is signed by the party to be bound Terms can be incorrect or missing Note special rule for MERCHANTS - UCC 2-201(2) See Lamle v. Mattel, Inc. , Case 18-3 See Monetti v. Anchor Hocking , Case 21-4
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Memorandum Rule for Merchants Writing in confirmation of a contract sent within a reasonable time That is sufficient against the sender If the recipient has reason to know its contents And doesn’t object within 10 days of receipt
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Oral Modification of a Contract Whether a contract can be changed without a writing depends on whether the contract as modified must be in writing.
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