BSL_15-Statute of Frauds

BSL_15-Statute of Frauds - BSL_15 16:43...

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BSL_15 16:43 Statute of Frauds (S.o.F.) Purpose is to minimize the potential for fraud that exists when there is not written  contract, basically says that there are certain kinds of contracts that are only enforceable  if evidenced by writing; it is a defense in a breach of contract case Only applies to executory contracts Contracts that are covered by the Statute of Frauds o Suretyship provision covers Collateral Contracts- one party agrees to pay a debt  that a second party owes to a third party if the second party fails to pay. Exception- Main Purpose Rule If the main purpose of the guarantor’s promise was for a personal benefit,  it is not covered by the statute of frauds Ex. A went with B to the bank for A to take out a loan and B agreed to  Suretyship only because A owed B money. o Land contract provision covers contracts to buy or sell real estate Exceptions Sellers full performance (transferring ownership via a deed)  takes contract out of protection from statute of fraud, is enforceable  without being in writing OR Buyers full/partial performance and action in clear reliance Took possession OR made substantial improvements o Marriage Provision covers prenuptial agreements o One year provision covers contracts that cannot be performed within one year of  formation
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