Contracts statute of frauds

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Contracts statute of frauds

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Contracts statute of frauds

  1. 1. 1 Contracts Statute of Frauds
  2. 2. 2 §1: Origins of the Statute of Frauds  1677 England passed the law “An Act for the Prevention of Frauds and Abuses.”  Certain types of contracts must be in writing and signed by the party against whom enforcement is sought to be enforceable.  Today, almost every state has a Statute of Frauds.
  3. 3. 3 §2: The Statute of Frauds  To be enforceable, the following types of contracts must be in writing and signed:  Contracts involving interest in land.  Contracts involving “One-Year Rule.”  Collateral or Secondary Contracts.  Promise made in consideration of marriage.  Contracts for the sale of goods priced at $500 or more.
  4. 4. 4 Contracts Involving Interests in Land  Land includes all physical objects that are permanently attached to the soil: buildings, fences, trees, and the soil itself.  All contracts for the transfer of other interest in land: mortgages and leases.  Case 14.1: Michel v. Bush (2001).
  5. 5. 5 The One-Year Rule  A contract that cannot, by its own terms, be performed within one year from the date it was formed must be in writing to be enforceable.  One-year period begins to run the day after the contract is made.  Test: Whether performance is possible (although unlikely) within one year.
  6. 6. 6 Collateral Promises  Primary v. Secondary Obligations.  “Main Purpose Rule” Exception .  Estate Debts.
  7. 7. 7 Promises Made in Consideration of Marriage  Prenuptial agreements must be in writing and signed to be enforceable.  Contracts must be supported by some consideration to be enforceable.  Prenuptial agreements may not be enforceable if the agreement is not voluntary.
  8. 8. 8 Contracts for the Sale of Goods  UCC requires a writing or memorandum for the sale of goods priced at $500 or more. Exceptions:  Partial Performance.  Case 14.2: Spears v. Warr (2002).  Admissions.  Promissory Estoppel.  Special Exceptions under the UCC.
  9. 9. 9 §3: Sufficiency of the Writing  Under the Statue of Frauds.  Must name, identify subject matter, consideration, other essential terms, and must be signed by the the party against whom enforcement is sought.  Under the UCC.  Need only name the quantity term and be signed by the party to be charged.  Case 14.3: Interstate Litho Corp. v. Brown (2001).
  10. 10. 10 §4: Parol Evidence Rule  Oral representations or promises made prior to the contract’s formation or at the time the contract was created, may not be admitted in court.  Integrated Contracts.
  11. 11. 11 Exceptions to the Parol Evidence Rule  Contracts subsequently modified.  Voidable or Void contracts.  Contracts containing ambiguous terms.  Prior dealing, course of performance, or usage of trade.
  12. 12. 12 Exceptions to the Parol Evidence Rule [2]  Contracts subject to orally agreed-on conditions.  Contracts with an obvious or gross clerical error that clearly would not represent the agreement of the parties.  Case 14.4: Cousins Sub Systems v. McKinney (1999).

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