BUS311_chapter_05

Consider a music groups contract with the venue where

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Unformatted text preview: ing. Of course, it is usually easier to prove a contract that the parties put into a written form, and it is definitely recommended if the contract involves anything much at stake! Also, the process of drafting a written agreement will often help the parties to think more specifically about the transaction and may minimize the chances of a misunderstanding. Nonetheless, the law typically requires a written document in only five types of contracts, namely those involving: rog80328_05_c05_089-110.indd 97 10/26/12 5:37 PM Section 5.4 Unenforceable Contracts and the Statute of Frauds CHAPTER 5 1. A promise to pay the debt of another; 2. A promise that by its terms cannot be performed within one year of the date the contract was made; 3. A promise in consideration of marriage; 4. A promise for sale of goods with a price of $500 or more; and 5. A contract creating an interest in real estate. The reason for the writing requirement in these situations goes back to the original statute of frauds, passed by the English Parli...
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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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