22download_doc-15.php - L293(3/9/2009) Writing Basics o

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L293 (3/9/2009) Writing Basics o In general, a writing is  not  required to create a valid contract May not be enforceable, however  Statute of Frauds  o The Statute of Frauds lists certain types of contracts that do  need to be in writing  to be valid  Covered Contracts o Contracts for real estate o Contracts for more than one year o Contracts for sale of goods over $500 o Marriage as consideration o A writing is required for contracts for the transfer or sale of an interest in  real  estate Some states also require a writing for leases and certain easements on  real property o UCC 2-201 requires a writing for contracts for the  sale of goods for a price of  $500 or more   The One  Year Rule o A writing is required for contracts that cannot be performed within a year from the  date of their formation ( one year rule ) o Test:  is performance  possible  within year? Example:  If Jack signs contract to consult with Company X on a 13  month project, the contract must be in writing to be enforceable Satisfying the Statute of Frauds
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22download_doc-15.php - L293(3/9/2009) Writing Basics o

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