BSL212notes3.24.09

BSL212notes3.24.09 - Statute of fraudsany agreement to...

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Statute of frauds- any agreement to guarantee or to act as assurity has to be in writing to be valid. Example. When your parents co-sign a loan. They “assure” that it will be paid even if you default. Exceptions: Main purpose doctrine- if it is an economic benefit to the assurity, then it does not have to be in writing. -ex. If you take your supplier to the bank to get him a loan and offer to pay it off if he defaults. You are doing it to guarantee your supply. Original promise- promise to pay that is your own responsibility Case on 278- Carter vs. All State They were insured for the car. Demand for coverage. Insurance tells lawyer what he will pay. Then don’t pay it. The insured person sures. They try to say that it was not valid because it was not in writing. However, original promise applies because they have the original responsibility. Sale or purchase of real estate must be in writing to be valid Part performance doctrine- will allow contract if 1) party takes possession of
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This note was uploaded on 10/25/2009 for the course BSL 212 taught by Professor Guzzi during the Spring '07 term at University of Miami.

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BSL212notes3.24.09 - Statute of fraudsany agreement to...

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