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Contracts Rules 5
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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
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.
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
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
Author:
woof686
ID:
26432
Card Set:
Contracts Rules 5
Updated:
2010-07-17 02:09:09
Tags:
Statute Frauds
Folders:
Description:
Statute of Frauds
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