Chapter_15_Notes_(Statute_of_Frauds)

Chapter_15_Notes_(Statute_of_Frauds) - STATUTE OF FRAUDS...

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STATUTE OF FRAUDS (CHAPTER 15) If something is covered by the statute of frauds, it means that the item must be evidenced in writing. Even if you prove the Statute of Frauds, you have to prove that there was a verbal agreement. The alternate theories of recovery can still be applied. Once an agreement has been executed, the Statute of Frauds can not be claimed. I) Statute of Frauds A) Contracts Covered by the Statute of Frauds 1) Suretyship Provision covers Collateral Contracts (a) Collateral Contracts – one party agrees to pay a debt a 2 nd party owes to a 3 rd party if the 2 nd party fails to pay (i) For example, a guarantee (ii) If it is not evidenced by writing, it is unenforceable (b) Exception – if the main purpose of the guarantor’s promise is to benefit themselves, then the agreement doesn’t have to be evidenced by writing 2) Land Contract Covers Agreements to Transfer an Ownership Interest in Real Estate (a) 2 Exceptions (Enforceable w/o writing) (i) Full performance by a seller
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Chapter_15_Notes_(Statute_of_Frauds) - STATUTE OF FRAUDS...

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