business 14.txt

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business 14.txt
2009-11-16 16:34:10
chapter 14

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  1. statute of frauds
    state statute that requires certain types of contrac to be in writing
  2. real property
    land itself, as well as buildings, trees, soil, minerals, timber, plants, crops, fixtures and other things permanently affixed to the land or buildings
  3. Mortgage
    an interest in real property given to a lender as security for the repayment of a loan.
  4. lease
    transfer of the right to use real property for a specified period of time
  5. life estate
    interst in real property for a person's lifetime upon that person's death. the interest will be transferred to antoher party
  6. easment
    right to use someone elses land without leasing it
  7. one year rule
    executory contractthat cannot be performed by its own terms within one year of its formation must be in writing
  8. guaranty contract
    a promise in which one person agrees to answer for the debts or duties of another person.
  9. guarantor
    a person who agrees to pay a debt if the primary debtor does not
  10. Main purpose exception
    an exception to the statute of frauds which states that if the main purpose of a transaction and an oral collateral contract is to provide pecuniary benefit to the guarantor, the collateral contract does not have to be in writing to be enforced
  11. UCC Statute of frauds 2-201
    a section of the uniform commercial code which states that sales contract for the sale of goods costing $500 or more must be in writing
  12. UCC Statute of frauds 2S-201
    section of uniform commercial code which states that lease contract involving payments of $1000 or mroe must be in writing
  13. equal dignity rule
    rule which says that agents contracts to sell property coverd by the statute of frauds must be in writing to be enforcable
  14. part perform
    equitable document that allows the court to order an oral contract for the sale of land or transfer of another interest in real property to be specifically performed if it has been partially performed and performance is neccisary to avoid injustice
  15. integration of several writings
    combination of several writings to form a single contract
  16. incorporation by reference
    integration made by express reference in one document that refers to and incorporates another doc within it/
  17. Pavol evidence

    any oral or written words outside the four corners of a written contract

  18. parol evidence rule-
    rule that says if a written contract is a complete and final statement of the parties agreement any prior or contemporaneous oral or written statements that alter contradict or are in additon to the term sof the written contract are inadmissible in court regarding a dispute over the contract
  19. Merger clause
    a clause in a contract that stipulates that it is a complete integration and the xclusive expression of the parties agreement