Contracts Rules 5
Home > Preview
The flashcards below were created by user
on FreezingBlue Flashcards.
Contracts within statute of frauds
- Suretyship (but not indemnity contracts)
- Real Property contracts (transfer or buy ANY interest in real property)
- One-year (from day after contract is made)
- Sale of goods for $500 or more
- following must also be in writing:
- subsequent or new promise to pay debt discharged in bankruptcy
- assignment of insurance company or promise to name insurance beneficiary
- contract to pay for services redered in negotiating a real estate transaction
- Agreement to change, modify, or discharge obligation involving real or personal property
Statute of frauds requiremens
There must be a memorandum that is:
- in writing
- signed by party to be charged
- contain the essential elements of the deal.
: signature = full and intended signature.
Memo need not be delivered.
UCC requirements for memos (and for modifcations):
- indicate contract has been made
- identify the parties
- contain quantity term
- be signed by party to be charged
Exception to UCC requirements
No memo required to prove contract where:
- Specially manufactured goods
- Part payment
- Receipt and acceptance
- Judicial admision
- Failure to respond to memo within ten days
What would you like to do?
Home > Flashcards > Print Preview