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Business Law - Chapter 15 flashcards | Quizlet
Amanda, a recent university graduate,
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needed a car to get to her new job. To help
Amanda secure a loan for the car, Ted, a
friend, agreed to pay the loan should
Amanda default. Ted's promise to pay the
loan is a collateral promise. His promise
must be in writing to be enforceable.
Whittle sent an order over the Internet for a
$1,200 garage door. His name keyed onto
the order will only be effective as a signature
sufficient to create a "writing" "signed by
the party against whom enforcement is
sought" if he follows up with a signature on
Either party may demand rescission of a
fully executed oral contract that was
required to have been in writing under the
statute of frauds.
Under the statute of frauds, the writing must:
be signed by the defendant; and must state
with reasonable certainty the name of each
party, the subject matter of the agreement,
and all of the essential terms and promises.
Rest Well Hotel orally ordered 1,000
blankets monogrammed with its initials,
RWH, from TriColor Textiles. TriColor had
just finished monogramming the blankets
when Rest Well called and canceled the
order. TriColor will be able to enforce the
agreement even though there was no writing.
For statute of frauds purposes, an interest in