Ch. 9 - Chapter 09 Contractual Issues Form Interpretation...

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Chapter 09 - Contractual Issues – Form, Interpretation, Performance, and Discharge ANSWERS TO REVIEW QUESTIONS AND PROBLEMS - CHAPTER 9 FORM AND INTERPRETATION 1. Written versus Oral Contracts (a) Generally, oral contracts are equally enforceable as written ones. (b) Reducing a contractual agreement to a written form increases the likelihood parties will remember their promises. The occurrence of disputes may decrease. If a contract is written, the parties do not have to worry about statute of frauds compliance. 2. Statute of Frauds (a) Requiring contracts to be in a written form and signed by the party being sued reduces the potential for confusion (fraud and deceit) on the court. (b) - Contracts for the transfer of an interest in land - Contracts promising to pay the debts of another - Contracts that cannot be performed within 1 year - Contracts involving the sale of goods of $500 or more 3. Exceptions to Writing Requirements The statute of frauds does not apply to prevent enforcement of this contract because the
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Ch. 9 - Chapter 09 Contractual Issues Form Interpretation...

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