Example of secondary obligation involves the

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Example of secondary obligation – involves the administrator or executor of an estate. Exception when secondary obligations are not needed in writing oMain Purpose Rule – If the main purpose for incurring a secondary obligation is to obtain a personal benefit, the promise does not fall within the statute and does not have to be in writing. 1.Like co signing for a friends auto loan because he agreed to let you use on the weekend, he only needs during the week. oPrimary obligations do not require a writing, but secondary obligations do unless the main reason a person makes a secondary promise it to obtain personal benefit. 4.Contracts related to an interest in land - SALE OF LAND, not leasesEncompasses not only the land and soil itself but any physical attached to the land, such as trees or buildings. Contracts transferring other interest in land are also within the statute of frauds. Mortgages and leases are within the statue because they are considered trasfers of interest in land. Statute of Frauds operates as a defense to the enforcement of an oral contract for the sale of land. *Person has to raise this defense. *EXAMContract must describe the property being transferred with sufficient detail. 5.Contracts for sales of goods more than $500.00 Agreements for a sale in which the total price is $500 or more required by the UCC, Section 2-201, to be recorded in a written contract or a memorandum. oNeeds only state the quantity to be soldodoes not need:1.Buyer2.Seller3.Method of paymentState Specific Equal Dignity Rule – contracts that would normally fall under the statue and need a writing if negotiated by the principle must be in writing even if negotiated by an agent. Exhibit 18- 1 A mnemonic for remembering which contracts fall within the Statue of Frauds : MY LEGS *EXAM – Remember KNOW ALL OF THESE FOR TESTMarriageYear – study and know a little confusing – has to be in writing if its impossible that it could be completed in one year. Land – contracts related to lease on land, or lease in equipment do not need to be in writing. *EXAMExecutor – Contracts in which the executor promises to pay the debt of an estate with the executor’s own money. Goods – sale of goods totaling more than $500Suretyship – anyone who is co-signing. Or someone taking on an obligation.
Sufficiency of Writing One or several documents can make up the necessary written requirement for an agreement under the statute of frauds. Required elements:oIdentification of the parties to the contractoSubject matter of the agreementoThe consideration (if any), and any pertinent terms. oContract must be signed, signature does not need to be at the end. 1.Need not be a full signature; a mark, initial, is permissible as long as it is intended as a signature. 2.Standard for both parties to sign, if the writing is being offered as proof of an agreement, only the party against whom action is sought needs to have signed it. Exceptions to the statute of frauds * EXAM1.Admission –

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