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3 Cards in this Set
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- Back
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Statute of Frauds |
Certain contracts must be in writing or they're not enforceable |
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What kinds of contracts must be in writing to be enforceabel? |
1. Collateral Contract -- A guarantees to pay the debt owed by B to C if B doesn't pay the debt 2. Buying or selling real property --Leases: if it's for 12 months or longer 3. Contract that can't be performed within one year --multi year athlete contracts 4. Contracts for sale of goods $500 or more 5. Die, Leave estate. An executor will deal with the estate and assets. If they agree they're personally responsible for the assets 6. Prenup: unenforceable unless in writing |
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What must be put in writing to satisy the statute of frauds? |
Need to have the essential terms in writing Only has to be signed by the person who's most likely to be the defendant in a lawsuit |
