BLAW - Chapter 18 - Class # 17 Contracts in Writing The...

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Class # 17 Contracts in Writing The “ statute of frauds ” is a rule of statutory law requiring certain types of contract to be in writing in order to be enforceable. A plaintiff may not enforce any of the following agreements, unless the agreement, or some memorandum of it, is in writing and signed by the defendant: Agreements that cannot be performed within one year from the date of their making, Promises made in consideration of marriage (prenuptial agreements), Suretyship Provisions. Contracts to pay for the debt or default of another party, “if he doesn’t pay, I will” Contracts related to an interest in land, Contracts for the sale of goods valued at $500 or more. These contracts must be in writing in order to be enforceable. What is the effect of the statute of frauds: It makes an oral agreement to which it applies unenforceable. In other words, when two parties make an agreement covered by any one of these 5 topics, it must be in writing to be enforceable in a court of law. Is unenforceable the same as void : Unenforceable means that if one party fails to perform its promise the other party will not be able to enforce the agreement in court. What is the difference between an unenforceable contract and a void contract: The difference is that if the parties do perform the contract, it makes no difference that it was oral. If the seller delivers the deed to the property and the buyer pays for it, the sale is fully executed, and neither party may rescind it. A GREEMENTS THAT CANNOT BE PERFORMED WITHIN 1 YEAR FROM THE DATE OF THEIR MAKING , The possibility test, if it can possibly be completed within one year, than it does not need to be in writing. General Offer of employment. This might be fully performed within one year (although it could take many years to perform) so it is enforceable whether it is oral or written P ROMISES MADE IN CONSIDERATION OF MARRIAGE ( PRENUPTIAL AGREEMENTS ), Agreements regarding marriage in which oine party is gaining something other than a return on his or her promise to marry is within the statute of frauds and must be in writing. When one party promises something to the other as part of an offer of marriage, the contract must be in writing to
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BLAW - Chapter 18 - Class # 17 Contracts in Writing The...

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