BUS311_chapter_05

At least some types of gambling are illegal in most

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Unformatted text preview: ception that applies only to a contract between two merchants, known as the confirming memo exception. If ABC Co. orders 100 boxes of copier paper from Wood Inc., at a price of $10 per box, clearly the contract falls within the statute of frauds and ordinarily if the order was placed via phone, the contract would be unenforceable. But if, after that telephone conversation, Wood sends ABC an invoice that states the material terms, and ABC fails to object within ten days, the oral contract combined with the confirming memorandum makes the contract enforceable. Contracts Creating an Interest in Real Estate A contract that creates an interest in land must be evidenced by a signed writing in order to be enforceable. Example 5.20. In a telephone conversation, Lucas agrees to sell Juan his house for $200,000. Later Lucas changes his mind and refuses to sell. Juan cannot enforce the contract. Of course, in this example, if it was Juan who changed his mind, Lucas could not enforce the contract either. That a contract con...
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This test prep was uploaded on 04/09/2014 for the course BUS 311 taught by Professor Parker during the Spring '10 term at Ashford University.

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