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9 Cards in this Set
- Front
- Back
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What are the Ks WITHIN the Statute of Frauds (writing required)?
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1. Transfer of interest in real property.
2. K incapable of full performance within a year of the date the agreement was made 3. Suretyship: a promise to "answer for" the debt of another (back-up promise) 4. Art 2: sale of good of $500 or more 5. Art 2: Lease of goods for $1000 or more |
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Is a writing required for a physical task?
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No, not for one that could be completed within a year.
Standard: Ignore what "might have happened" and not what actually happens. |
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When does the SOF apply to a modification?
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Only if the contract as modified falls within the SOF.
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Under a K other than a sale of goods, what kind of writing will satisfy the SOF?
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Writing must contain:
1. All material terms 2. Signature by party asserting a SOF defense (D) |
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Under a K for a sale of goods, what kind of writing will satisfy the SOF?
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Writing must contain:
1. A quantity term 2. Signature by the party asserting a SOF defense. |
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What are the exceptions to the SOF (where there's very little chance of fraud)?
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1. Full performance of Ks within the 1-yr prong
2. Part performance in contracts for the transfer of an interest in real property. 3. Main purpose exception for a suretyship 4. Sale of goods: a. Goods accepted by B or paid for by B b. Custom-made goods c. Judicial admission d. Merchants' confirmatory memo |
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What is a merchants' confirmatory memo?
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A merchant can use a writing IT has signed to satisfy SOF against the other party to the alleged contract if:
1. Both parties are merchants 2. The writing claims there is a prior oral agreement; and 3. The recipient doesn't object in writing within 10 days. |
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What is the typical scenario for the merchants' confirmatory memo?
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2 merchants agree over the phone and one follows up with a written confirmation. Art 2 ensures that the oral agreement is enforceable by allowing a merchant to use its own confirmatory memo to satisfy the SOF against the other merchant.
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ESTOPPEL generally doesn't do any good in terms of SOF. What is the fact pattern in which reliance makes a difference in SOF?
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ex. Employer orally promises to draw up a written employment agreement for 2-year term but it doesn't.
Then employee is relying on employer's promise to reduce to writing. |
