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Chapter 18 - Chapter 18 Contracts in Writing 1 Statute of...

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Chapter 18: Contracts in Writing 1. Statute of Frauds a. eases contractual negotiations by requiring sufficiently reliable evidence to prove the existence and specific terms of a contract b. prevents unreliable oral evidence from interfering with a contractual relationship c. prevents parties from entering into contracts with which they do not agree 2. Types of Contracts a. Contracts with terms preventing performance in 1 year a.i. Begins the day after the contract is scheduled a.ii. If a contracts can possibly be performed within a year, even if such performance is highly unlikely, then the contract does not need a writing to be enforceable. b. Promises made in consideration of marriage b.i. Prenuptial agreement: an agreement two parties enter into before marriage that clearly states the ownership rights each party enjoys in the other party’s property b.ii. Contracts in which one party promises something in exchange for another’s promise to marry must have a writing to be enforceable, but mutual promises to marry do not require writing.
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