Contracts 2 Outline - Contracts 2 Outline A. Statute of...

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Contracts 2 Outline A. Statute of Frauds (SoF) a. defined -Ks that fall into the SoF must be in writing to be enforceable b. Reasons for the SoF i. prevent parties from lying re the existence/nonexistence of K ii. prevent nonexistent Ks from being enforced 1. however today it can keep existing Ks from being enforced c. How to Analyze the SoF for Test i. Is it a K that needs a writing? 1. see six types of Ks that require writings ii. Do we have a writing? 1. make sure the four requirements for a writing are met iii. Might the court enforce this K anyway? 1. see if any of the eight exceptions/mitigating doctrines below apply d. Six Types of Ks that Require a Writing i. Suretyship K 1. most common is a promise to repay if another does not repay a. the “cosigning K” must be in writing, not the full loan K b. differentiate this from mere promise to pay other’s debt 2. leading object exception -must be surety in substance, not just form a. if the party giving the surety benefits from the transaction itself, it is a surety in form only ( Yarbro and the tractor) ii. Consideration of Marriage 1. not promise to marry, just what one promises to do after marriage a. example-promise to take care of wife’s elderly mom iii. K for an administrator/executor of estate to take over debts of estate 1. will be clear on test iv. Transactions in Land 1. Ks regarding anything that touches land; includes: a. sale, building, agreement to take crops/minerals off the land 2. does not include short term lease or mere sale of crops/minerals v. One Year Rule 1. applies if the K cannot possibly be performed within one year a. hours -signing on 11/30 and end on 11/30 is within one year 2. time period begins to run when K is formed (i.e. after acceptance) 3. K must have definite end date (i.e. five years) a. end date can be unilaterally set by one party 4. soft end dates do not count (i.e. for life, 2 years if you live so long, or 2 years but terminable at the will of either party) 5. modifications to Ks that take less than one year need no writing vi. UCC only (2-201) – Ks where goods have a stated price of $500 or more 1. actual value of goods is irrelevant 2. when this requirement applies, the other 5 are irrelevant a. i.e. must enforce even if other requirement not met e. Writing Requirements (UCC 2-201) i. some writing Complete as of 4/19/2011 Page 1 of 23
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ii. words of contract between the parties iii. quantity of goods 1. requirements Ks simply must state that they are requirements Ks iv. signature of the party against whom it is attempting to be enforced 1. note signature may merely be fax line or letterhead f. Writing Requirements ( Restatement § 131) i. some writing ii. sufficient indication that a K has been made between the parties iii. states essential terms (which vary by the situation) w/ reasonable certainty iv. signature of the party against whom it is attempting to be enforced g. Writing Requirements for Modified Ks i. a modification to a K only has to be in writing if it still falls under the SoF
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Contracts 2 Outline - Contracts 2 Outline A. Statute of...

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