November 24 Briefs and Notes

November 24 Briefs and Notes - November 24, 2008 Chapter 4...

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November 24, 2008 Chapter 4 The Statute of Frauds I. History and Purpose II. Types of Contract’s Typically Covered Under Statues of Frauds No action shall be brought 1. Whereby to charge any executor or administrator upon any special promise to answer for damages out of his own estate; or 2. Whereby to charge D upon any special promise to answer for the debt, default or miscarriages of another person; or 3. To charge any persons upon any agreement made upon consideration of marriage; or 4. Upon any K or sale of lands, tenements or hereditaments, or any interest in or concerning them; or 5. Upon any agreement that is not to be performed within the space of one year from the making thereof; unless the agreement upon which such action shall be brought, or some memorandum or note thereof, shall be in writing and signed by the party to be charged therewith, or some other person thereunto by him lawfully authorized. The writing requirement for certain sales of goods is now found in a state’s version of 2-201 of the UCC. The official version, adopted by most states, is applicable only when the goods have a price over $500. Other provisions mandates that security agreements be in writing, also require signed writings in some other commercial transactions. An overall statute of frauds for every contract involving the sale of personal property having a value of $5,000 or more. A. Executor/Administrator Contracts K by an executor or administrator to answer for the debts of a decedent and payable out of the executor/administrator’s own personal assets generally must be in writing. B. Suretyship Contracts
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November 24 Briefs and Notes - November 24, 2008 Chapter 4...

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