BUS311_chapter_05

Another example of a contract clause that is

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: s land 3. Contracts transferring mineral rights 4. Contracts transferring air rights 5. Mortgages The above will be covered in detail in the chapter on real estate. rog80328_05_c05_089-110.indd 102 10/26/12 5:37 PM Section 5.5 Illegality CHAPTER 5 Requirements of the Writing Under the Statute of Frauds Suppose a contract falls within the statute of frauds and thus must be in writing. The next question is, what must this writing contain? The necessary components are that it must identify the parties, the subject matter, and the material terms of the contract, and have the signature of the party to be charged. Note that both signatures are not necessary; only that of the person now attempting to avoid going through with the contract is required. Furthermore, the legal definition of a signature is simply marks made by persons to signify themselves: initials, for example, will qualify. For example, Lucas contracts orally to sell Juan his house for $250,000. Lucas then sends Juan a letter: “Dear Juan, this is to confirm our deal for sale of my house at $250,000, closing to be within 60 d...
View Full Document

Ask a homework question - tutors are online