Business Law Quiz 6 Study Guide

Business Law Quiz 6 Study Guide - I. Real Estate Contracts...

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I. Real Estate Contracts a. The statute of frauds requires that certain types of contracts be evidenced by writing to be enforceable. A verbal lease agreement over a year is within the statue of fraud, and is not enforceable unless contained in writing. Proper written form may be written on anything or with anything. The agreement may be taken outside of the statute of frauds if the part performance exception applies—if the transferee has paid a portion or all of the purchase price and has taken possession of the real estate or started to make valuable improvements to the land. II. Guarantee Contracts a. The statute of frauds requires that certain types of contracts be evidenced by writing to be enforceable. A guarantee to pay the debt of another is within the statute of fraud and must be in writing. Proper written form may be written on anything or with anything. An exception applies if the reason behind the verbal guarantee is to benefit the guarantor. This exception, the benefit rule, takes the agreement
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Business Law Quiz 6 Study Guide - I. Real Estate Contracts...

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