tailieunhanh - Lecture Business law: The ethical, global, and e-commerce environment (15/e): Chapter 16 - Mallor, Barnes, Bowers, Langvardt
Learning objectives of this chapter include: List contracts that must be written to satisfy the Statute of Frauds, identify exceptions to the Statute of Frauds, compare UCC with the Statute of Frauds under common law. describe the parole evidence rule. | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 3 Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent Contracts P A R T 3 Capacity to Contract Illegality Writing Rights of Third Parties Performance and Remedies Contracts P A R T 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 by Alva Johnson, 1937 Learning Objectives List contracts that must be written to satisfy the Statute of Frauds Identify exceptions to the Statute of Frauds Compare UCC with the Statute of Frauds under common law Describe the Parole Evidence Rule In general, a writing is not required to create a legally enforceable contract However, a writing is preferable to an oral contract for several reasons: more definite, use as evidence, and signature provides authentication Sometimes, a writing is required Basics In 17th Century England, the . | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 3 Introduction to Contracts The Agreement: Offer The Agreement: Acceptance Consideration Reality of Consent Contracts P A R T 3 Capacity to Contract Illegality Writing Rights of Third Parties Performance and Remedies Contracts P A R T 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 by Alva Johnson, 1937 Learning Objectives List contracts that must be written to satisfy the Statute of Frauds Identify exceptions to the Statute of Frauds Compare UCC with the Statute of Frauds under common law Describe the Parole Evidence Rule In general, a writing is not required to create a legally enforceable contract However, a writing is preferable to an oral contract for several reasons: more definite, use as evidence, and signature provides authentication Sometimes, a writing is required Basics In 17th Century England, the Statute of Frauds was enacted 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 Contracts covered by the Statute of Frauds: 1. Collateral contracts in which a person promises to perform the obligation of another person. 2. Contracts for the sale of an interest in real estate. 3. Bilateral contracts that cannot be performed within a year from the date of their formation. 4. Contracts for the sale of goods for a price of $500 or more. 5. Contracts in which an executor or administrator promises to be personally liable for the debt of an estate. 6. Contracts in which marriage is the consideration. If a covered contract does not satisfy the requirements of the statute of frauds, the contract is unenforceable A person injured by the unenforceable contract may pursue an action based on quasi-contract or promissory estoppel Consequences Collateral contracts .
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