3) Statute of Frauds

Transfer of interest in real property - lease (= or > 1 year), easement, etc. included
1. Equal dignities rule - agents authority must be in writing
2. Satisfactory writing must state all material terms (who / what) + signed by D
3. Exceptions = no writing required
  1. Leases 1 year or less
  2. Part performance exception requires 2/3: i) buyer in possession, ii) buyer made improvements, iii) buyer made some payment
Performance cannot be completed within 1 year
1. Need only be theoretically possible = no writing required
2. Specified period greater than 1 year = writing required
3. Life time contracts
  1. MBE: no writing required
  2. NY: writing required
4. Satisfactory writing must state all material terms (who / what) + signed by D
5. Full performance exception = no writing required
  1. Part performance not enough
Sale of Goods for $500 or more - Art. 2 UCC
1. Satisfactory writing must contain quantity term and be signed by party to be changed with breach of contract (i.e. D.)
2. Exceptions = no writing required
  1. Goods accepted or paid for by buyer
    1. Deposit takes entire contract out of S/F
    2. Does not apply to whole contract!
  2. Custom made goods where: i) substantial start + ii) not suitable for sale to others
  3. Judicial admission
  4. Merchant's confirmatory memo - must have: i) both parties are "merchants, ii) writing claims agreement / has quantity, and iii) there is no written objection w/in 10 days
NY: Lease of Goods for $1,000 or more - Art. 2A UCC
1. Satisfactory writing must state: i) its a lease, ii) quantity, iii) duration and iv) rental payments + by signed by D
Suretyship
1. A promise to "answer for" the debt of another
2. Satisfactory writing must state all material terms (who / what) + signed by D
3. Main purpose exception
  1. MBE: if main purpose to benefit surety = no writing required
  2. NY: doesn't recognise main purpose exception = writing always required
Contract Mofidication
1. If contract as modified w/in S/F = writing required
  1. CL: always allowed to modify contract
  2. Art. 2: contract prohibits oral modification - upheld
Misc. New York Provisions
1. Assignment of an insurance fee
2. Promise to pay a discharged debt
3. Agreement to pay a finders fee or broker's commission
  1. Exception: attorney, auctioneer, licensed real estate agent
4. Satisfactory writing must state all material terms (who / what) + signed by D

Siguiente

Descripción

Resumen del Recurso

Similar

	Creado por Alex Cooper hace más de 11 años