Chapter 14 Notes - 1

Chapter 14 Notes - 1 - debt will be paid if primary...

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Ch. 14 Statute of Frauds – a state statute under which certain types of contracts must be in writing to be enforceable Contracts involving interests in land Contracts that cannot by their terms be performed within one year from the date of formation o If the contract can possibly be performed within a year, it does not fall under the Statute of Frauds Collateral contracts, such as promises to answer for the debt or duty of another o Collateral promise – a secondary promise that is ancillary to a principal transaction or primary contractual relationship. Ex: Guarantor promises creditor
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Unformatted text preview: debt will be paid if primary borrower fails to pay Exception: Main Purpose Rule an oral promise to answer for the debt of another if the guarantors purpose is to secure a personal benefit Promises made in consideration of marriage o Same rule for prenuptial agreement Under the UCC, contracts for the sale of goods priced at $500 or more Exceptions to the Statute of Frauds Partial performance Admissions Promissory estoppel Special exceptions under the UCC Sufficiency of the Writing Voluntary agreement...
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