CHAPTER 15

CHAPTER 15 - CHAPTER SUMMARY STATUTE OF FRAUDS Contracts...

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CHAPTER SUMMARY STATUTE OF FRAUDS Contracts within the Statute of Frauds Rule contracts within the statute of frauds must be evidenced by a writing to be enforceable Electronic Records full effect is given to electronic contracts and signatures Suretyship Provision applies to promises to pay the debts of others Promise Must Be Collateral promisor must be secondarily, not primarily, liable Main Purpose Doctrine if primary object is to provide an economic benefit to the surety, then the promise is not within the statute Executor-Administrator Provision applies to promises to answer personally for duties of decedents Marriage Provision applies to promises made in consideration of marriage but not to mutual promises to marry Land Contract Provision applies to promises to transfer any rights, privileges, powers, or immunities in real property Mann CH 15- 1
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One-Year Provision applies to contracts that cannot be performed within one year The Possibility Test the criterion is whether it is possible, not likely, for the agreement to be performed within one year Computation of Time the year runs from the time the agreement is made Full Performance by One Party makes the promise of the other party enforceable under majority view Sales of Goods a contract for the sale of goods for the price of $500 or more must be evidenced by a writing or record to be enforceable
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This note was uploaded on 10/14/2010 for the course BUS 5503 taught by Professor Sorrell during the Fall '10 term at Troy.

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CHAPTER 15 - CHAPTER SUMMARY STATUTE OF FRAUDS Contracts...

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