Chapter 15 Notes - Chapter 15- Statute of Frauds I....

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Chapter 15- Statute of Frauds I. Contracts that must be in writing under the Statute of Frauds a. Contracts involving interests in land i. Sale of transfer of an interest in real property 1. Ex) sale of land is a transfer of title for a price a. Title is the ownership in the sense that you can reconvey 2. Ex) Lease 3. Ex) right away agreement (easement) ii. Interests in real property such as title, leasehold, mortgage, etc- 1. Land or the property there it is on b. One year Rule i. Contracts that can’t be performed w/in year of formation ii. Test- is it possible, not likely, that the agreement will be performed w/in one year? c. Collateral Promises i. A promise by a third party to assume the debts or obligations of another (guarantor, surety, co-maker, etc) 1. Used to induce a loan ii. Exception: if the main purpose of the guaranty is to secure a personal benefit for the guarantor (Main purpose exception) 1. If doing it for one’s own benefit may get away with it if it’s not in writing
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This note was uploaded on 11/28/2010 for the course LAW 1024066 taught by Professor K during the Spring '09 term at Fairleigh Dickinson.

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Chapter 15 Notes - Chapter 15- Statute of Frauds I....

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