Term
|
Definition
| is an act of the legislature which requires certain types of contracts to be in writing |
|
|
Term
|
Definition
| asserts that a statute of frauds required the contract to be formalized to a certain level, such as in writing or a notarized writing, but the level of formality required was lacking |
|
|
Term
| The first statute of frauds did two things... |
|
Definition
| it allowed, interested parties to testify as to the terms of the contract, and it required five types of important contracts to be in writing |
|
|
Term
| contract within the statute |
|
Definition
| is one which is covered by the statute and must be in writing to be enforceable |
|
|
Term
| contract outside the statute |
|
Definition
| is enforceable without a writing as evidence because it is not covered by the statute of frauds. |
|
|
Term
| Oral contract that is said to be covered by the statute of frauds is considered to be _____________ |
|
Definition
|
|
Term
|
Definition
| must be sufficient to show the essential terms of the contract and must be signed by the defendant. the plaintiffs signature is not required because the plaintiff is alleging there is a contract in his breach of contract lawsuit |
|
|
Term
| Five types of contracts that must be in writing |
|
Definition
Sales of an Interest in land
Contracts which cannot be completed within one year
Collateral Promises
promises in consideration of marriage
Sales of goods $500 or more |
|
|
Term
|
Definition
Within the statute
Easement
profits
mortgage
life estate |
|
|
Term
|
Definition
| is the permanent right to use a portion of another's land without owning it |
|
|
Term
|
Definition
| are rights to enter the land of another and remove something of value from it |
|
|
Term
|
Definition
| is a lien which gives the holder (usually the lender) the right to foreclose and sell land if the borrower defaults on the obligation |
|
|
Term
|
Definition
| is any interest in property that gives the holder (owner of the ______) the right to sell another person's property in the event that an obligation is not fulfilled. |
|
|
Term
|
Definition
| gives the holder the right to exclusive possession of land for a term based upon someone's life span. |
|
|
Term
| Contracts which cannot be completed within a year |
|
Definition
Within the statute
Starts from the day the contract is written |
|
|
Term
|
Definition
within the statute
is a promise to guarantee the debt of another, that is, a promise made to a creditor to pay the debt of a debtor if that debtor does not pay.
There must be at least two promises and 3 parties |
|
|
Term
| Two promises that have to be made in order to have a collateral promise |
|
Definition
| 1. the debtor must promise to pay the creditor and 2, the guarantor must promise to pay the creditor if the debtor does not pay |
|
|
Term
|
Definition
| if a promise of guarantee is made primarily for the benefit of the guarantor, and oral agreement is enforceable |
|
|
Term
| Promises in consideration of marriage |
|
Definition
Within the statute
is a promise made to a bride or groom which will only be enforceable if they actually get married |
|
|
Term
|
Definition
| is a promise made by the family of the bride to give the groom or his family money or property at the time of their marriage. |
|
|
Term
|
Definition
| is a contract between a prospective bride and groom made prior to marriage specifying how property will be divided in the event of a divorce. |
|
|
Term
| Sale of Goods $500 or more |
|
Definition
| If i agree to buy a mountain bike that is worth $400 for the amount of $600 then this is within the statute. On the other case, if I agree to buy the mountain bike that is worth $600 for an amount of $400, this is outside the statute and does not have to be in writing |
|
|
Term
| Two exemptions to the statute of frauds |
|
Definition
1. the exemption for complete performance
2. One party admits the terms of the contract |
|
|
Term
| The exemption for complete performance |
|
Definition
| Where one party has completely performed a contract, that party will be able to enforce the contract despite the lack of written agreement |
|
|
Term
| One party admits the terms of the contract |
|
Definition
| the plaintiff sues the defendant under an oral contract for the sale of land. This contract inside the stature of frauds and must be in writing to be enforceable. as part of the discovery, however, the defendant admits that there was a contract. |
|
|
Term
|
Definition
| specifies that evidence of prior or contemporaneous oral statements or agreements is inadmissible to alter the terms of a written contract, and prior written agreements is inadmissible to alter the terms of a written contract, and prior written agreement are also inadmissible |
|
|
