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Statute of Frauds
Certain contracts must be in writing or they're not enforceable
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
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
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