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Contracts, Fall 2008

Contracts, Fall 2008. Class 13. Statute of Frauds. When enforceability of a contract requires a writing: K can’t be performed in less than a year goods, for $500 or more Under revised UCC Article 2 (not yet adopted) $5000 other personal property, more than $5000 sale of interest in land

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Contracts, Fall 2008

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  1. Contracts, Fall 2008 Class 13

  2. Statute of Frauds • When enforceability of a contract requires a writing: • K can’t be performed in less than a year • goods, for $500 or more • Under revised UCC Article 2 (not yet adopted) $5000 • other personal property, more than $5000 • sale of interest in land • securities

  3. Statute of Frauds: When a writing is required (cont) • ‘upon consideration of marriage’ • suretyship • ’executor’ • non-possessory security interest • take case out of statute of limitations • [other instances, by statute]

  4. Statute of Frauds: What Counts as a Writing? • needn’t be just one piece of paper • needn’t have all the terms, so long as it has the ‘essential unperformed’ terms • ”signature” can be anything that ‘authenticates’ (as to party to be charged) • needn’t be made for purpose of memorializing agreement

  5. Exceptions • party to be charged admits existence of K (via some sort of performance of K, or perhaps acceptance) • K has been performed • restitution-type situation (was a writing needed in Watts?) • ’specially manufactured goods’ • reliance (in many courts) • merchant receives writing and is silent • other exceptions

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