Chapter15 - The Statute of Frauds Some types of contracts...

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The Statute of Frauds Some types of contracts must be in writing to be enforceable. (The large font is not an error) The statute, passed by the English Parliament in 1677, was known as "An Act for the Prevention of Frauds and Perjuries." The actual name of the Statute of Frauds is misleading because it neither applies to fraud nor invalidates any type of contract. Rather, it denies enforceability to certain contracts that do not comply with its requirements. Although the statutes vary slightly from state to state, 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. Contracts That Fall within the Statute of Frauds Contracts involving interests in land . (please notice that it says “interest” in land and not “sale”)
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Contracts that cannot by their terms be performed within one year from the date of formation. 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 debt of the estate personally--that is, out of his or her own pocket. Promises made in consideration of marriage . Under the Uniform Commercial Code (UCC),
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This note was uploaded on 03/31/2008 for the course FIN 3055 taught by Professor Cgiles during the Spring '08 term at Virginia Tech.

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Chapter15 - The Statute of Frauds Some types of contracts...

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