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ADMS2610-Session2-Ch10 - ADMS2610 Session 2 Chapter 10(pg...

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ADMS2610 Session 2 Chapter 10 (pg. 179-192) Requirements of Form, Writing and Privacy Formal and Simple Contracts - (1) Formal (derives its validity from its form) o Not common o Also referred to as a covenant - (2) Informal (simple and the most common) o Implied o Oral o Written - In most provinces, many kinds of agreements still need to be made under seal to be enforceable - Power of attorney (a legal document usually signed under seal in which a person appoints another to act as his or her attorney to carry out the contractual or legal acts specified in the document) o Is a formal document - Informal contracts were enforced by the church Statue of Fraud - Imposed the requirement of writing for certain informal contracts - Was designed to prevent perjury and fraud with respect to leases and agreements concerning land - The effect is that none of the following may be brought in a court of law unless they are in writing and signed by the party to be charged: o A contract concerning an interest in land o A promise by an executor or administrator to settle a claim out of his or her own personal estate o A guarantee agreement Types of Contracts - (1) Contracts by Executors and Administrators o Executor or administrator of an estate is not generally liable for the debts of the testator (the estate) o Can personally assume such debts but only if such contract is in writing - (2) Guarantees o A collateral promise (in writing) to answer the debt of another (the principal debtor) if the debtor should default in payment o 3 parties in a guarantee Creditor Debtor (primary liability) Guarantor (second liability)
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o Consideration is required to enforce the guarantee o In Alberta (Alberta guarantees Acknowledgement Act) the guarantor must obtain a notarized certificate of independent legal advice for his
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  • Winter '10
  • JoshuaSera
  • guarantee agreement Types, guarantee Creditor Debtor, certain informal contracts, guarantees Acknowledgement Act

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ADMS2610-Session2-Ch10 - ADMS2610 Session 2 Chapter 10(pg...

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