BUS 121 UA 2-2

BUS 121 UA 2-2 - UA 2 2 Objective: 1. What is the purpose...

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UA 2 – 2 Objective: 1. What is the purpose of the Statute of Frauds? What 6 specific types of contracts does it cover? a. Statute of Frauds is law that requires that certain types of contracts be in writing. b. 6 specific types of contracts covered by Statute of Frauds: b.i. A contract to personally pay the debt of another person. b.ii. A contract by an executor or administrator to personally pay the debts of a deceased person. b.iii. A contract involving the sale of an interest in real property. b.iv. A contract made in consideration of marriage b.v. A contract that by its terms cannot be performed within one year from the date the agreement was formed. b.vi. A contract for the sale of goods or merchandise for the price of $5,000 or more. 2. What is the affect on court proceedings of the Parol Evidence Rule? a. Courts assume that a written contract contains all the agreed-upon terms of an agreement. Therefore, in the event of a lawsuit, the courts will not allow the introduction of parole evidence
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This note was uploaded on 11/18/2011 for the course BUS 121 taught by Professor Smith during the Spring '10 term at Lander.

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BUS 121 UA 2-2 - UA 2 2 Objective: 1. What is the purpose...

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