0324655223_128653 - STATUTES OF FRAUDS Statute of Frauds: A...

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Ch. 15: Contracts: The Statute of Frauds - No. 1 Clarkson et al.’s Business Law (11th ed.) STATUTES OF FRAUDS Statute of Frauds: A statute that requires certain types of contracts to be evidenced by a writing in order to be enforceable. The following types of contracts generally must be evidenced by a writing to be enforceable: (1) contracts involving an interest in real property ( e.g. , a home mortgage); (2) contracts that cannot , by their terms, be performed within one year after the date the contract was formed ( e.g. , a five-year employment contract); (3) collateral promises , such as promises to answer for or guarantee the debt or duty of another person and promises by an executor or administrator to answer personally for the debts of an estate; “Main Purpose” Rule: If the party who agrees to guarantee the debt of another does so to secure a personal benefit for themselves, the statute of frauds does not require a writing. (4) promises made in consideration of marriage ( i.e. , prenuptial agreements); and (5) contracts for the sale of goods for $500 or more .
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Ch. 15: Contracts: The Statute of Frauds - No. 2 Clarkson et al.’s Business Law (11th ed.) STATUTE OF FRAUDS EXCEPTIONS A contract that might otherwise be unenforceable because it is not evidenced by a writing may be enforced to some degree as follows: Partial Performance: If a buyer has taken partial possession of property and paid that part of the contract price attributable to the property received, and
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This note was uploaded on 02/15/2012 for the course ACCT 2402 taught by Professor Lewis during the Spring '10 term at Lone Star College System.

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0324655223_128653 - STATUTES OF FRAUDS Statute of Frauds: A...

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