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AEM 320-Chapter outlines

AEM 320-Chapter outlines - AEM 320 Chapter 15-Contracts in...

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AEM 320 Chapter 15-Contracts in Writing Statute of Frauds Rule - contracts within the statute of frauds must be evidenced by a writing to be enforceable Electronic records - full effect is given to electronic contracts and signatures Suretyship Provision - applies promises to pay the debts of other Promises Must be Collateral - promisor must be secondarily, not primarily, liable Main Purpose Doctrine - if primary object is to provide an economic benefit to the surety, then the promise is not within the statute Executor-Administrator Provision - applies promises to answer personally for duties of decedents Marriage Provision - applies to promises made in consideration of marriage but not to mutual promises to marry Land Contract Provision - applies to promises to transfer any rights, privileges, powers, or immunities in real property One Year Provision - applies to contracts that cannot be preformed within 1 year The Possibility Test- the criterion is whether it is possible, not likely, for the agreement to be preformed within one year Computation of Time - the year runs from the time the agreement is made Full Performance by One Party - makes the promise of the other party enforceable under majority view Sales of Goods - a contract for the sale of goods for the price of $500 or more must be evidenced by a writing or record to be enforceable Admission - an admission in pleadings, testimony, or otherwise in court makes the contract enforceable for the quantity of goods admitted Speically Manufactured Goods - an oral contract for specially manufactured goods is enforceable Delivery or Payment and Acceptance -validates the contract only for the goods that have been accepted or for which payment has been accepted Modification or Rescission of Contracts within the Statute of Frauds -oral contracts modifying existing contracts are unenforceable if the resulting contract is within the statute of frauds Methods of Compliance
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General Contract Law -the writing (s) or record must: • specify the parties to the contract • specify the subject matter and essential terms • be signed by the party to be charged or by her agent Sale of Goods -provides a general methods of compliance for all parties and an additional one for merchants Writing (s) or Record Must : (1) be sufficient to indicate that a contract has been made between the parties, (2) be signed by the party against whom enforcement is sought or by her authorized agent, and (3) specify the quantity of goods to be sold Written Confirmation - between merchants, a written confirmation that is sufficient against the sender is also sufficient against the recipient unless the recipient gives written notice of his objection within ten days Effect of Noncompliance Oral Contract within Statute of Frauds - is unenforceable Full Performance - statute does not apply to executed contracts Restitution-is available is quasi contract for benefits conferred in reliance on the oral contract Promissory Estoppel
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AEM 320-Chapter outlines - AEM 320 Chapter 15-Contracts in...

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