Writing
P A E
T R
H C 16
“A verbal contract
isn’t worth the
paper it’s written
on.”
Samuel Goldwyn, quoted in
The Great Goldwyn (Alva
Johnson, 1937)
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Writing - Bussiness Law - Lecture Slides, Slides of Commercial Law
This lecture is from Business Law. Key important points are: Writing, Illegality, Capacity to Contract, Acceptance, Consideration, Reality of Consent, Performance, Remedies, Rights of Third Parties, Statute of Frauds
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2012/2013
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Writing
C H A P T E R 16
“A verbal contract isn’t worth the paper it’s written on.”
Samuel Goldwyn, quoted in The Great Goldwyn (Alva Johnson, 1937)
CONTRACT LAW
- Introduction to Contracts
- The Agreement: Offer
- The Agreement: Acceptance
- Consideration
- Reality of Consent
- Capacity to Contract
- Illegality
- Writing
- Rights of Third Parties
- Performance & Remedies
- GENERAL RULE: oral contracts
are enforceable
- EXCEPTION: Statute of Frauds
Basics
- the Statute of Frauds was
enacted in 17 th^ Century England to prevent fraud by requiring written evidence before enforcing certain types of contracts
- American states adopted
similar statutes
THE STATUTE OF FRAUDS
House of Lords, England Docsity.com
- a person ( guarantor ) promises to perform
an obligation of another person ( principal debtor ) to a third person ( obligee )
- unless “main purpose” or “leading object”
is to obtain personal economic advantage
- Wintersport Ltd. v. Millionaire.com, Inc.
COLLATERAL CONTRACTS
- contracts for interests in real estate
- leases of more than one year and
certain easements on real property
- TWO EXCEPTIONS :
(1)SELLER fully performed, or
(2)BUYER reasonably relied on the
contract to his/her detriment
LAND CONTRACTS
- UCC 2-201: contracts for the sale of
goods for a price of $500 or more
- includes agreements to modify
existing sales contracts if contract as
modified is for a price of $500 or
more [UCC 2–209(3)]
SALE OF GOODS CONTRACTS
- need not be made at the same time
the contract comes into being
- can be multiple papers, receipts
- contents:
(a) identity of parties,
(b) subject matter identified with
reasonable certainty, and
(c) signed by the party to be charged
WRITING REQUIREMENT
- unenforceable
- BUT… potential recovery under quasi-contract or promissory estoppel
Failure to Satisfy Statute of Frauds
CONTRACT INTERPRETATION