Chapter 15 Outline

Chapter 15 Outline - Chapter 15: The Statute of Frauds...

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Chapter 15: The Statute of Frauds – Writing Requirement 1) The Origins of the Statute of Frauds a) In 1677, statute passed by the English Parliament known as the “Act for the Prevention of Frauds and Perjuries” i) Established that certain types of contracts, to be enforceable, had to be evidenced by writing and signed by the party against whom enforcement was sought. b) All states require certain types of contracts to be in writing or evidenced by a written memorandum signed by the party against whom enforcement is sought, unless certain exceptions apply. c) The Statues of Frauds denies enforceability to certain contracts that do not comply with its requirements. 2) Contracts that Fall within the Statute of Frauds a) Required to be in writing or evidenced by a written memorandum or record: i) Contracts involving interests in land (1) Land is real property and includes all physical objects that are permanently attached to the soil and the soil itself. (2) The statute of frauds operates as a defense to the enforcement of an oral contract for the sale of land. ii) Contracts that cannot by their terms be performed within one year from the day after the date of formation iii) Collateral or secondary contracts such as promises to answer for the debt or duty of another and promises by the administrator or executor of an estate to pay a
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Chapter 15 Outline - Chapter 15: The Statute of Frauds...

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