BLaw Test 3 Outline - BLaw Test 3 Outline Chapter 15: When...

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BLaw Test 3 OutlineChapter 15:When does an agreement have to be in writing in order to be enforceable?(Class Notes)A.Statute of Fraudsa.Interest in Real propertya.i.Easementb.Collateral Pledgeb.i.Must be in writingb.ii.Collateral Pledge that is oralc.Pre-Marital Agreementc.i.In contemplation of marriaged.One Year Ruled.i.If an agreement, in accordance with its terms, cannot be performed in oneyear, it must be in writing.d.ii.If it is possible to be done in less than a year, an oral agreement isenforceabled.ii.1.From the date the agreement is madeB.Writing Requirementsa.Identify the Partiesb.Subject Matterc.Signed by party to be chargedC.Parol Evidence Rule (Accepted by every state)a.4 Cornersa.i.Check all 4 corners of the contractb.NOT ALLOWEDb.i.Prior or contemporaneous oral or written agreement, not in contractc.Parties may modify or amend contractd.Exceptionsd.i.Typographicald.ii.Clericald.iii.Misinterpretationd.iii.1.Grounds for 4 corners in court(Book Notes)A.The types of contracts that must be in writing to be enforceablea.Statute of Frauds
a.i.Requires that certain designated types of contracts be evidenced by awriting to be enforceable.a.ii.Purpose is to prevent perjured testimony in court from creating fraud inthe proof of certain oral contractsb.Contracts within the statuteb.i.Promises to answer for the duty of anotherb.ii.Promises of an executor or administrator to answer personally for a dutyof the decedent whose funds he is administeringb.iii.Agreements upon consideration of marriageb.iv.Agreements for the transfer of an interest in landb.v.Agreements not to be performed within one yearb.vi.Contracts for the sale of goodsb.vii.Electronic Recordsb.vii.1.Uniform Electronic Transactions Act (UETA)b.vii.1.a.Applies only to transactions between parties eachof which has agreed to conduct transactions by electronicmeansb.vii.1.b.Gives full effect to electronic contractsb.vii.2.Electronic Signatures in Global and National Commerce(E-Sign)b.vii.2.a.Makes electronic records and signatures valid andenforceable across the United States for many types oftransactions in or affecting interstate or foreign commerceb.vii.2.b.The must consent electronically to conductingtransactions with electronic recordsb.viii.Suretyship Provisionb.viii.1.Applies to a contractual promise by a surety (promisor) to acreditor (promisee) to perform the duties or obligations of a thirdperson (principal debtor) if the principal debtordoes not performb.viii.2.Only applies to cases involving three parties and twocontractsb.viii.3.Collateral= in that the promisor is not primarily liableb.ix.Original Promiseb.ix.1.If the promisor makes an original promise by undertakingto become primarily liable, then the statute of frauds does notapplyb.x.Main Purpose Doctrineb.x.1.Exception to the surety ship provisionb.x.2.The object/purpose of the promisor is to obtain aneconomic benefit for himself, the promise is NOT within the statuteb.xi.Promise Made to Debtor

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Term
Spring
Professor
Clark
Tags
Business Law, Contract Law, Manufactured Goods

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