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Chpt 18 In Writing

Kubasek Dynamic Business Law Chapter 18

QuestionAnswer
Statute of Frauds Rule of state law requiring certain types of contract to be in writing in order to be enforceable
Promissory Estoppel Legal enforcement of otherwise unenforceable contract, due to party’s detrimental reliance on contract
Parole Evidence Rule Common law rule stating that oral evidence of agreement made before or contemporaneously with written agreement is inadmissible when parties intended to have written agreement be complete and final version of agreement
Integrated Contracts Written contracts within statute of frauds intended to be complete and final representation of parties’ agreement
Integrated Contracts Rule Integrated contracts prevent admissibility of parole evidence
Purpose of Parole Evidence Rule Lends stability, predictability and integrity to written contracts
condition precedent an event that must occur in order for a party's duty to arise.
Equal dignity rule A rule requiring that contracts that would normally fall under the stature of frauds and need a writing if nefotiated by the principal must be in writing even if negotiated be an agent.
merger Clause A written agreement within the statute of frauds which states that the written agreement accurately reflects the final, complete version of the agreement.
Partial performance an exception to the statute of frauds in which the performance of portions of an unwritten agreement by one or both parties can constitute proof that an oral contract exists between paties.
prenuptial agreement An agreement two parties enter into before marriage that clearly states the ownership rights each party enjoys in the other party's property. To be enforceable, it must be in writing.
exceptions to the Statute of Frauds Admission, Partial Performance, Promissory Estoppel
Contracts falling within the statute of frauds 1. terms prevent possible performance with one year 2. Promises made in consideration for marriage. 3. Contract for one party to pay the debt of another if party fails to pay. 4. related to an interest in land 5. UCC for the sale of goods over $1000.
Sufficiency of the Writing Clearly indicate 1. the parties of contract 2. subject matter 3. consideration. 4. relevant terms 5. signature of at least the party whom action is brought
Exceptions to Statute of Frauds requirement of a writing: 1. admission that an oral agreement exists. 2. partial performance of the contract. 3. Promissory estoppel 4. various exceptions under the UCC.
Exceptions to the Parole Evidence Rule 1. that are subsequently modified 2. conditioned on orally agreed-on terms 3. that are not final because they are partly written and partly oral 4. Ambiguous terms 5. Incomplete 6. Obvious Typographical error 7. Voidable/ void 8. Evidence of prior
Created by: tinafici