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Chapter 14
Statute of Frauds and Equitable Exceptions
| Question | Answer |
|---|---|
| Today, every US state has enacted this that requires certain types of contracts to be in writing. | Statute of Frauds |
| Generally, this that is not in writing even though the Statute of Frauds requires it to be is unenforceable by either party. | Executory contract |
| If an oral contract that should have been in writing under the Statue of Frauds is already execuited, neither party can seek to do what on the ground of noncompliance with the state of frauds. | Rescind |
| Under the Statue of Frauds, any contract that transfers an ownership interest in what must be in writing to be enforceable? | real property |
| This is the transfer of the right to use real property for a specified period of time. | Lease |
| This action must be done through the use of writing in order to give a lender an interest in real property as security for the repayment of a loan? | mortgage or deed of trust |
| this is when the person has an interest in the real property for the person's lifetime, and the interest will be transferred to another party on that person's death? | life estate |
| This is a give or required right to use another person's land without owning or leasing it. | Easement |
| This refers to an accordance to the Statute of Frauds, that states an executory contract that cannot be performed by its own terms within one year of its formation must be in writing. | One-year rule |
| This occurs when one person agrees to answer for the debts or duties of another person. | Guaranty Contract |
| There are at least three parties and two contracts in a guarantee situation. The first contract, is known as the blank. | Original Contract or Primary Contract |
| The second contract in a guarantee situation is between the person who agrees to pay the deb if the primary debtor does not (guarantor) and the original creditor. | Guaranty Contract |
| This states that contracts for the sale of goods (sales contracts) costing $500 or more must be in writing to be enforceable. | Section2-201(1) of the Uniform Commercial Code (UCC) |
| This statute states that lease contracts involving payments of $1,000 or more must be in writing. | Secition 2A-201(1) of the Uniform Commerical Code |
| Many states require that these to sell real property covered by the Statute of Frauds be in writing to be enforceable. What is the rule? | Agents' Contracts; equal dignity rule |
| This is a contract entered into by parties prior to marriage that defines their ownership rights in each other's property, must be in writing | Prenuptial Agreement |
| This doctrine allows the court to order an oral contract for the sale of land or transfer of another interest in real property to be specifically performed if performance is necessary to avoid injustice. | Part Performance |
| That Statue of Frauds and the UCC require a written contract, whatever its form, to be signed by whom? | by the party against whom enforcement is sought |
| This refers to the fact that the entire writing of a contract does not have to appear in one document to be an enforceable contract. | integrated |
| Integration may be by an express reference in one document that refers to and incorporates another document within it. This procedure is called what? | incorporation by reference |
| Many contracts contain a detailed definition section called what? | Glossary |
| If the parties have not defined the words and terms of a contract, the courts apply what? | standards of interpretation |
| Any oral or written words outside the for corners of the written contract are called what? | parol evidence (parol means word) |
| This that states if a written contract is a complete and final statement of the parties' agreement any prior or contemporaneous oral or written statements that alter, contradict, or are in addition to the terms of the written contract are not admissable. | parol evidence rule |
| This clause in a contract expressly reiterates the parol evidence rule. | Merger clause or Integration Clause |
| This version of the promissory estoppel in the restatement of contracts provides that if parties enter into an oral contract that should be in writing if three conditions are met. | promissory estoppel or equitable estoppel. |
| What are the three conditions for a promissory estoppel or a equitable estoppel? | 1)The promise induces action or forbearance of action by another 2) the reliance on the oral promise was foreseeable 3)Injustice can be avoided only be enforcing the oral contract. |
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rogue2281