State of frauds are extended to 1 ease contractual

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State of Frauds are extended to: 1. Ease contractual negotiations by requiring sufficient reliable evidence to prove the existence and specific terms of a contract. 2. Prevent unreliable oral evidence from interfering with a contractual relationship. 3. Prevent parties from entering into contracts in which they do not agree. Contracts falling within the State of Frauds : 1. Contracts whose terms prevent possible performance within one year. 2. Promises made in consideration of marriage. 3. Contracts for one party to pay the debt of another if the initial pay fails to pay. 4. Contracts related to an interest in land. 5. Under the Uniform Commercial Code, contracts for the sale of goods totaling more than $500. Prenuptial Agreement : An agreement two parties enter into before marriage that clearly states the ownership rights each party enjoys in the other party’s property. Exceptions to Statute of Frauds 1. Partial Performance in a land-sea contract 2. If the buyer has an oral contract for sale of land has paid any portion of the sale price, has begun to permanently improve the land, and/or has taken possession of it, the courts will consider the contract partially performed and this partial performance may amount to proof of contract despite the lack of a forman writing sufficient to satisfy the statute of frauds. BookU app Find more Study Guides at
Sufficiency of the Writing generally requires: 1. The names of the parties to the contract. 2. The subject matter of the agreement. 3. The consideration given for the contract. 4. All relevant terms. 5. The signature of at least the party against whom enforcement is sought. a. NOTE: Land-Sale Contracts require additional terms such as identifying the land with a degree of specificity. Parol Evidence Rule : A common law rule stating that oral evidence of an agreement made prior to or contemporaneously with the written agreement is inadmissible when the parties intend to have a written agreement be the complete and final version of their agreement. Integrated Contracts : Written contracts within the statute of frauds intended to be the complete and final representation of the parties’ agreement, thus precluding the the admissibility of parol evidence other than in certain enumerated exceptions. Merger Clause One way parties can indicate their desire to create an integrated contract is through the use of a merger clause. A merger clause explicitly states that the written contract is intended to be the complete and final version of the contract between parties and that other possible agreements between the parties, besides the one in question, are NOT part of the final written agreement. {Chapter 19} Obligors : Contractual parties who agreed to something for the other party.

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