bula p7 - Zakutansky 1 David Zakutansky Dr. Naples BU LA...

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Unformatted text preview: Zakutansky 1 David Zakutansky Dr. Naples BU LA 3001 3/31/2010 Vi rginia Statute of F rauds A statute of frauds is a law that states the requirements for certain contracts to be wr it ten and signed in wri ting to be recognized as enforceable under the law. The Virginia statute of frauds can be found in Virginia Code Section 8.2-201. The Virginia Code has three main rules that determine which contracts are covered by the law. First, a contract over $500 must be in wri ting to be enforceable. The first section also goes on to say that just because a contract omits or incorrectly states a term does not necessarily cause a contract to be rendered unenforceable. Second, contracts between merchants if within a reasonable a writ ten confirmation is sent and received by the sender as well as satisfies the conditions in the fi rst subsection are valid. Third, a contract that does not satisfy subsection one might still be valid if (a) a substantial beginning to the manufacture of the goods has been made, (b) if a party under enforcement admits the contract in his pleading in the court of law, or (c) if the goods have been paid for or received and accepted. Each of the three subsections of Virginia Code Section 8.2-201 are useful in determining whether or not a particular contract needs to be signed in wri ting to be enforceable in the court of law. ...
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This note was uploaded on 04/08/2010 for the course ENGL 4000 taught by Professor Smith during the Spring '10 term at Saginaw Valley.

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