eugeneosbornAssignment 4

eugeneosbornAssignment 4 - Assignment 4 1 LAW2221-Scroggins...

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Assignment 4 1 LAW2221—Scroggins Clarkson Text Chapter 15: 1. What is the statute of frauds? Certain agreements are required by law to be in writing 2. Identify and discuss the five types of general contracts covered by the statute of frauds. 1) Contracts involving interests in land 2) Contracts that cannot by their terms be performed within one year from the day after the date of formation 3) Collateral, or secondary, contracts such as promises to answer for the debt or duty of another and promises by administrator or executor of an estate to pay a debt of the estate personally that is out of their own pocket 4) Promises made in consideration of marriage 5) Under the uniform commercial code contracts for sale of goods priced at $500 or more 3. What four exceptions to the Statute of Frauds did your text list? 1) Partial performance 2) Admissions 3) Promissory estoppels 4) Special exceptions under the UCC 4. Describe the writing that is required to satisfy the statute of frauds under general contract law. Either a written contract or a memorandum signed by the party against whom enforcement is sought 5. Identify and discuss the other methods of complying with the statute of frauds under general contract law. 1) essential terms of contract 2) indication that the parties voluntarily agreed to terms 3) must name the parties and indentify the subject 4) for sale of land the price must be stated and describe the property with sufficient clarity 6. Explain the parol evidence rule and identify the situations to which the rule does not apply. Parol evidence: (Oral evidence)if a court finds that the parties intended their written contract to be a complete and final statement of their agreement then it will not allow to present oral evidence 1) Contracts subsequently modified 2) Voidable or void contracts 3) Contracts containing ambiguous terms 4) Incomplete contracts 5) Prior dealing, course of performance, or usage of trade 6) Contracts subject to an orally agreed on condition precedent 7) Contracts with an obvious or gross clerical error that clearly would not
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This note was uploaded on 01/08/2012 for the course BUS 2221 taught by Professor Scroggins during the Spring '11 term at Troy.

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eugeneosbornAssignment 4 - Assignment 4 1 LAW2221-Scroggins...

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