Contracts Rules 5

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Author:
woof686
ID:
26432
Filename:
Contracts Rules 5
Updated:
2010-07-16 22:09:09
Tags:
Statute Frauds
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Description:
Statute of Frauds
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  1. Contracts within statute of frauds
    MR SOUR

    • Marriage
    • 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


    NY rule - 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
  2. 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.

    NY rule: signature = full and intended signature.

    Memo need not be delivered.
  3. UCC requirements for memos (and for modifcations):
    Must:

    • indicate contract has been made
    • identify the parties
    • contain quantity term
    • be signed by party to be charged
  4. 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

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