9 - The Legal and Regulatory Environment of Business (15th...

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The Legal and Regulatory Environment of Business (15 th ed.) Chapter 9 Contractual Issues: Form, Interpretation, Performance and Discharge I. Form and Interpretation A. When Must a Contract be in Writing? The law that requires certain contracts to be in writing is called the statute of frauds. Under the statute of frauds, the following business-related contracts must be in writing: 1. Contracts for the sale of interest in land- to sell land, including mortgages, mining rights, easements, leases for longer than one year 2. Collateral Contracts to pay the debt of another 3. Contracts that cannot be performed within one year of making E.g. those that specify that performance will take longer than one year 4. Contracts for the sale of goods for $500 or more Goods are tangible, moveable personal property (excludes services and real estate) Important Exceptions: see Sidebar 9.2 p. 265 5. Other specified contracts at state law B. The Parol Evidence Rule - under this rule, parties to a complete and final written
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9 - The Legal and Regulatory Environment of Business (15th...

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