Ch+18-REVIEW-Ks+in+Writing-S10

Ch+18-REVIEW-Ks+in+Writing-S10 - Ch 18 Contracts in...

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Unformatted text preview: Ch 18 Contracts in Writing/Statute of F rauds Dr. Deborah Pomeroy BLaw 2361 S10 A K that is otherwise valid may be avoided and unenforceable if it is not in the proper form. Certain types of Ks are required to be in writing. --If these types of K S are not in writing, then they are VOIDABLE, but not VOID. If neither party seeks to AVOID (rescind) the K for lack of writing, then the K is still effective, whereas a VOID K would not be. Statute of F rauds (SOF): In 1677 the English Parliament enacted a statute called An Act for the Prevention of Frauds and Perjuries.--the OVERALL PURPOSE was to ensure that the TER MS of important Ks are NOT forgotten , misunderstood , or fabricated. AND--ensure that sufficiently reliable evidence is available to prove the existence and terms of these Ks. TODAY , all states, except La., have either enacted their own Statutes of Frauds or rely on the common law SOF as was it was brought to this country with the rest of the British common law. Related to the SOF is the PAROLE EV IDENCE RULE (PER) , which prevents use of ORAL EVIDENCE or EXTRINSIC DOCUMENTS to vary, contradict or add to the terms of a WRITTEN K. 1 Ks REQU IRED TO BE I N WRIT ING As said before, only certain types of Ks are required to be in writing. (1) Ks whose terms make it impossible to perform the K within one year after the contract was formed.--Performance must be objectively impossible . --Even if highly improbable , if performance within a year is possible according to the terms , a K need not be in writing.--The one-year period begins to run when the K is MADE, not when it is SCHEDULED TO BEGIN. (2) promises made in consideration of mar riage -A unilateral promise to pay money or give property as C/S in a promise to marry, must be in writing to be enforceable. If you will marry me, I will buy you a new car every year we are married. Must be in writing.--However, mutual promises to marry, w/o anything further, does not have to be in writing. (3) Ks in which a person promises to answer for or guarantee the debt of another if the initial party fails to pay....
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Ch+18-REVIEW-Ks+in+Writing-S10 - Ch 18 Contracts in...

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