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28 Cards in this Set
- Front
- Back
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Suretyship Provision
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applies to promises to pay the debt of another
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Original Promise
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• Main Purpose Doctrine if primary object is to provide an economic benefit to the surety, then the promise is not within the statute
• Promise Made to Debtor The suretyship provision has been interpreted not to include promises made to a debtor |
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Executor
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Administrator Provision applies to promises to answer personally for a duty of the decedent
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Marriage Provision
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applies to promises in consideration of marriage but not to mutual promises to marry
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Land Contract Provision
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applies to promises to transfer any right, privilege, power, or immunity in real property
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One-Year Provision
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applies to contracts that cannot be performed within one year
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Possibility Test
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the criterion is whether it is possible, not likely, for the agreement to be performed within one year
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Computation of Time
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the year runs from the time the agreement is made
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Full Performance by One Party makes the promise
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of the other party enforceable under majority view
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Sale of Goods needs to be in
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a contract for the sale of goods for the price of $500 or more must be evidenced by a writing or record to be enforceable
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Admission
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an admission in pleadings, testimony, or otherwise in court makes the contract enforceable for the quantity of goods admitted
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Specially Manufactured Goods
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an oral contract for specially manufactured goods is enforceable
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• Delivery or Payment and Acceptance
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validates the contract only for the goods that have been accepted or for which payment has been accepted
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Oral Modification or Rescission of Contracts within the Statute of Frauds
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oral contracts modifying existing contracts are unenforceable if the resulting contract is within the statute of frauds
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General Contract Provisions the writing(s) or record must
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• specify the parties to the contract
• specify the subject matter and essential terms • be signed by the party to be charged or by her agent |
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Writing(s) or Record must
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(1) be sufficient to indicate that a contract has been made between the parties, (2) be signed by the party against whom enforcement is sought or by her authorized agent, and (3) specify the quantity of goods to be sold
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Written Confirmation between merchants
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a written confirmation that is sufficient against the sender is also sufficient against the recipient unless the recipient gives written notice of his objection within ten days
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Full Performance statute
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does not apply to executed contracts
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Restitution is available in quasi-contract
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benefits conferred in reliance on the oral contract
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Promissory Estoppel oral contracts
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will be enforced where the party seeking enforcement has reasonably and justifiably relied on the promise and the court can avoid injustice only by enforcement
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Parol Evidence Rule
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The Rule when parties express a contract in a writing that they intend to be the final expression of their rights and duties, evidence of their prior oral or written negotiations or agreements of their contemporaneous oral agreements that vary or change the written contract are not admissible
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Situations to Which the Parol Evidence Rule Does Not Apply
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• a contract that is not an integrated document
• correction of a typographical error • showing that a contract was void or voidable • showing whether a condition has in fact occurred • showing a subsequent mutual rescission or modification of the contract |
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Supplemental Evidence may be admitted
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• Course of Dealing previous conduct between the parties
• Usage of Trade practice engaged in by the trade or industry • Course of Performance conduct between the parties concerning performance of the particular contract • Supplemental Consistent Evidence |
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separately negotiated terms are given
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greater weight than standardized terms or those not separately negotiated
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the order for interpretation is
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express terms, course of performance, course of dealing, and usage of trade
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where a term has several possible meanings
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the term will be interpreted against the party who supplied the contract or term
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written provisions are given
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preference over typed or printed provisions and typed provisions are given preference over printed provisions
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• if an amount is set forth in both words and figures and they differ
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words control the figures
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