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Chapter 15 - Written Contracts

The one year rule the

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Unformatted text preview: rest in land: mortgages and leases. Statute of Frauds operates as a defense to the enforcement of an oral contract for the sale of land. The One-Year Rule The A contract that cannot, by its own terms, be performed within one year from the date it was formed must be in writing to be enforceable. One­year period begins to run the day after the contract is made. Test: Whether performance is possible (although unlikely) within one year. Even if performance takes longer than one year, oral contract is binding as long as performance was possible in less than a year. Collateral Promises Collateral A collateral promise is ancillary to a principal transaction or primary contractual relationship. Primary v. Secondary Obligations “Main Purpose Rule” Exception Promises Made in Consideration of Marriage Consideration Prenuptial agreements must be in writing and signed to be enforceable. Contracts must be supported by some consideration to be enforceable. Prenuptial agreements may not be enforceable if the agreement is not voluntary. Contracts for the Sale of Goods Contracts UCC requires a writing or memorandum for the sale of goods priced at $500 or more. Exceptions to the Applicability of the Statute of Frauds the Partial Performance Admissions Promiss...
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