Questions and Answers
What is the Statute of Frauds?
A statute that requires certain types of contracts to be in writing to be enforceable.
Contracts related to marriage must be in writing.
True
Contracts that inherently cannot be performed within one ____ need to be in writing.
year
What types of agreements are related to land that must be in writing?
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What is the role of an executor in regards to their agreements?
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What is a guaranty in the context of obligations?
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What is the dollar amount related to the sale of goods for the Uniform Commercial Code?
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Is a receipt considered a contract for sales of goods?
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Study Notes
Statute of Frauds Overview
- Originates from a statute established 200-300 years ago to prevent fraud in certain types of contracts.
- Requires specific contracts to be in writing for enforceability to limit fraudulent activities.
Marriage Contracts
- Contracts related to marriage must be in writing to be enforceable.
- Prenuptial agreements are included under marriage contracts requiring written form, while a Ketubah is not a marriage contract.
Contracts for One Year
- Contracts that cannot be performed within one year must be in writing.
- Example: An 18-month book writing contract does not need to be in writing if it can be completed in under a year.
- A two-year contract requires written form, but a lifetime contract does not inherently need to be, as it could be performed within a year.
Land Agreements
- Any contracts related to land or real estate must be written.
- This applies not only to property sales but also to rentals, subleases, etc.
Executor's Agreements
- Executors are appointed to manage the estate under a will and ensure that properties and finances are handled correctly.
- If an executor agrees to take personal liability, that agreement must be in writing.
Guaranty Obligations
- A guaranty involves someone backing another person's obligation, such as borrowing money.
- The promise to guarantee another's obligation, like a bank loan, must be documented in writing.
- Common terms associated with this scenario include "cosign."
Sales of Goods
- The sale of goods exceeding a certain dollar amount must be in writing, based on the Uniform Commercial Code.
- The original threshold was $500, which was proposed to be revised to $5,000.
- A receipt serves as a valid contract for goods, allowing return and legal action in case of a breach.
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Description
Explore the fundamentals of the Statute of Frauds with these flashcards. Learn about its historical significance, key components, and the types of contracts it governs. This quiz is a great resource for understanding contract formation in law.
