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incorrect statement regarding the applicability of the parol evidence rule to a nonfinalized, partially written and partially oral, contract? Sets with similar termsIF the party admits under oath. -if the party against whom enforcement of an oral conract is sought admits under oath that a contract for sale was made, the contract will be enforceable. -If a party admits a contract subject to the UCC, it is enforceable, but only to the extent of the quantity admitted. Upgrade to remove ads Only ₩37,125/year
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Get faster at matching terms Terms in this set (32)IV. Statute of Frauds If a contract is governed by the Statute of Frauds, then: the contract must be evidenced by a writing and signed by the party against whom enforcement is sought Who has a Statute of Frauds defense? A party who does not sign a contract that is governed by the Statute of Frauds Analyzing Problems Under the Statute of Frauds 1. Is the Contract within the Statute of Frauds? First Question: Is the Contract within the Statute of Frauds? MY LEGS Contracts Not to Be Performed within a Year The year at issue under the one-year provision is measured from: the date of MAKING the contract rather than the date of the beginning of performance. Contracts Not to Be Performed within a Year: (a)
Contracts that can be breached or excused within a year of its formation: This is irrelevant. Land-Sale Contracts (a) The present conveyance of land promised for money: is held to be outside the land provision of the SoF Guaranty/Suretyship Agreements Exception #1: When the creditor discharges the original debtor from his obligation on the faith of a guarantee by a third party to pay the debt, the guarantee agreement is not governed by the Statute of Frauds. Exception #2: The "Main Purpose" Doctrine → Where the main purpose of the guarantor is to protect his own economic interests, the guarantee agreement is not governed by the SoF Second Question: Is the Statute of Frauds Satisfied? If a contract falls within the Statute of Frauds, then the general rule is: the contract is unenforceable unless evidenced by a writing signed by the party against whom enforcement is sought. The Writing Requirement all that is necessary is that the writing be a memorandum of the agreement, which can be prepared before, during, or after contract formation. Only the following terms are required: Under the common law, the following memoranda have been held to satisfy the writing requirement (a) a letter from one of the parties to a third party describing the agreement. Writing Requirement: (a) Older case law suggests: you need a legal description of the land The Signature Requirement Any symbol or mark with the intention to authenticate the writing. Examples: Initials; a typed, stamped, or pre-printed signature; or letterhead. "Tacking Together" Multiple Documents to satisfy SoF (a) If all documents are signed, or if a signed document incorporates unsigned documents by reference: then the statute of frauds is satisfied. (b) If unsigned documents are not incorporated by reference in a signed document, "tacking together" the signed and unsigned documents to satisfy the SoF is nevertheless permissible if: SoF and Performance The Statute of Frauds may be satisfied with respect to some of the categories of governed contracts via part performance. SoF and Performance: Part performance requires a showing of any combination, or all three, of the following: SoF and Performance: (a)
If fully performed: then an oral contract not to be performed within one year becomes enforceable despite the SoF. Third Question: Is there an Alternative Basis for Enforcement? (1) Recovery for Benefits Conferred Promissory Estoppel This may be available for detrimental reliance, for loses suffered on the faith of an oral contract that is unenforceable. UCC Statute of Frauds First Question: Is the Contract within the UCC Statute of Frauds? First Question: Is the Contract within the UCC Statute of Frauds? The UCC Statute of Frauds is Section 2-201, which by its terms governs agreements "for the sale of goods for the price of $500 or more." Second Question: Is the UCC Statute of Frauds Satisfied? five ways to satisfy the UCC Statute of Frauds: 1. Signed Writing (aka the "old-fashioned way") The first way: Signed Writing (aka the "old-fashioned way") Requirements 1) a writing 2) Signed by the party against whom enforcement is sought. Signed Writing (aka the "old-fashioned way") Required TERM you need a quantity term to satisfy the SoF, and the contract is unenforceable beyond the quantity stated in the writing. If there is no quantity term, the contract is altogether unenforceable, subject to two exceptions: Signed Writing (aka the "old-fashioned way") Written Offers Under the UCC: a written offer does not satisfy the writing requirement because it is insufficient to reveal that a contract has been
made. The second way to satisfy the UCC Statute of Frauds: Merchant's Confirmation (aka "Speak Now or Forever Hold Your Peace") The UCC Statute of Frauds may be satisfied when two merchants enter an oral agreement and one of them sends the other a written confirmation of the agreement. Requirements for a Valid Merchant's Confirmation? 1) confirmation has to be sufficient against the sender (signed + quantity terms) *Exception with the recipient's objecting response: The recipient must send a written notice of objection within 10 days of receipt in order to keep his SoF defense The third way to satisfy the UCC Statute of Frauds: The In-Court Admission a party admits in his pleading, testimony, or otherwise in court that a K for sale was made. The fourth way to satisfy the UCC Statute of Frauds: Partial Performance. Despite the absence of a signed writing, an otherwise valid contract is
enforceable with respect to: The fifth way to satisfy the UCC Statute of Frauds: The Problem of Specially Manufactured Goods 5 Elements 1) the goods are to be specially manufactured for the buyer; Third Question: Is there an Alternative Basis for Enforcement of a UCC SoF? (1) Majority of courts: hold that promissory estoppel is available as a workaround if a strong case is shown. Limitations of the SoF The contract may still
be valid and enforceable for other purposes. Sets with similar termsBUSSL 2550 Chapter 1834 terms will_fairand4444 Chapter 715 terms sakox010 chapter 16 frl final27 terms lesliemtz10 Bus Law Chapter 18: Contracts in Writing Part 133 terms timk1992 Sets found in the same folderIII. Consideration and Promissory Estoppel15 terms jmmasterson Statute of Frauds and Parol Evidence Rule15 terms alex_adkins 1L Contracts171 terms chrisj530 Contracts: UCC90 terms abalos1 Other sets by this creatorUSCG SpinDrift (2018)48 terms jmmasterson Contracts: Contract Remedies Essay Template23 terms jmmasterson Contracts: Breach of Contract Essay Template24 terms jmmasterson Essay Notes IV45 terms jmmasterson Other Quizlet setsContracts Spring Midterm72 terms kashmurr752 Legal Environment Chapter 1521 terms meghan_l_thornton Blaw ch. 1341 terms charlotte_paras Contract Law Part II22 terms fsu_seminoles123 Related questionsQUESTION for a situation to be compensable under the area of a worker's compensation, it must have occurred: 9 answers QUESTION The US Constitution explicitly allows courts to review legislative and executive actions to determine whether they are constitutional. 14 answers QUESTION Under the Magnuson-Moss Act regulation of full and limited warranties, when a consumer is required to pay 10% of the repair cost, we have what type of warranty? 15 answers QUESTION The sole proprietor has limited liability, or legal responsibility, for all obligations that arise in doing business. (True or false) 2 answers Which of the following is an exception to the Statute of Frauds writing requirement?These exceptions are admission, performance, and promissory estoppel. Admission means that an oral contract can be enforced without meeting the requirements of a statute of frauds if the other party admits under oath that the oral contract was made.
Which of the following is an exception to the Statute of Frauds quizlet?The doctrine of promissory estoppel, or equitable estoppel, is an equitable exception to the strict application of the Statute of Frauds.
Which of the following is an exception to the Statute of Frauds and does not have to be in writing quizlet?Which of the following constitutes an exception to the Statute of Frauds requirement that a contract be in writing? signatures on a contract no longer have to be on paper.
Which of the following types of agreements according to the Statute of Frauds need to be in writing?According to U.C.C. Section 2-201 , any contract for the sale of goods for the price of $500 or more must be in writing. There are, however, certain exceptions to this rule in which an oral contract for the sale of goods of $500 or more will be enforced.
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