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13 Cards in this Set
- Front
- Back
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L.10.1
What are CONTRACTS THAT MUST BE IN WRITING? SALE OF GOODS: UCC 2-201 |
SALE OF GOODS: UCC 2-201
PERSONAL PROPERTY: UCC 1-206 GOL 5-701: CONTRACT WHICH CANNOT BE COMPLETED WITHIN A YEAR FROM THE DATE IT WAS MADE; A K WHICH CANNOT BE PERFORMED WITHIN A LIFETIME; K TO PAY DEBT OF ANOTHER A PROMISE TO PAY A DEBT DISCHARGED IN BANKRUPTCY GOL 5-703 REAL ESTATE AGENT CPLR 7501 ARBITRATION AGREEMENT |
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L.10.2
What are rules with SALE OF GOODS: UCC 2-201? |
SALE OF GOODS FOR $500 OR MORE MUST BE IN WRITING.
EXCEPTIONS: BETWEEN MERCHANTS: IF WITHIN REASONABLE TIME THE ORAL CONTRACT IS CONFIRMED IN WRITING AND SIGNED BY EITHER PARTY IT BECOMES ENFORCEABLE UNLESS OJECTED TO IN WRITING BY THE OTHER PARTY WITHIN 10 DAYS. BETWEEN ANYBODY: IF THE ORAL CONTRACT IS VALID EXCEPT FOR NOT BEING IN WRITING, IT IS ENFORCEABLE: (1) SPECIALLY MANUFACTURED GOODS, NOT EASILY SOLD TO OTHERS, AND HAS MADE A SUBSTANTIAL BEGINNING OR HAS CONTRACTED FOR PURCHASE OF GOODS OR SPECIAL METERIALS. OR, (2) THE PARTY BEING SUED ADMITS, IN COURT OR IN COURT PAPERS, THAT THERE WAS A CONTRACT, ITS ENFORCEABLE UP TO THE AMOUNT ADMITTED TO. OR (3) WHERE PAYMENT HAS BEEN MADE AND ACCEPTED OR GOODS DELIVERED AND ACCEPTED, IT’S ENFORCED UP TO THE VALUE OF THE PAYMENT OR GOODS. |
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L.10.3
What are rules with "PERSONAL PROPERTY UCC 1-206"? |
OVER $5,000 IN VALUE (INTANGIBLE PROPERTY SUCH AS PATENTS AND COPYRIGHTS)
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L.10.4
GOL 5-701 CONTRACT WHICH CANNOT BE COMPLETED WITHIN A YEAR FROM THE DATE IT WAS MADE. |
• ANY CONTRACT WHICH, BY ITS TERMS, CANNOT TO BE PERFORMED WITHIN ONE YEAR FROM THE DATE IT WAS MADE.
Hint: the year starts on the day the contract is made, not the day performance begins. Example: employer and employee make a contract on June 1 for employee to work for a year beginning august 1. However, an oral contract which could be performed within one year, even though the deadline in the contract is more than one year, even though it is highly unlikely to be finished in one year, is enforceable. Example: contract to build a bridge across the Hudson River in two years. |
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L.10.5
GOL 5-701 A K WHICH CANNOT BE PERFORMED WITHIN A LIFETIME |
• PERFORMANCE WHICH IS NOT TO BE COMPLETED BEFORE THE END OF A LIFETIME.
EXAMPLE: I’LL PAY YOU $500. IF YOU WILL TAKE CARE OF MY FUNERAL WHEN I DIE. |
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L.10.6
GOL 5-701 K TO PAY DEBT OF ANOTHER |
• A PROMISE TO PAY THE DEBT OF SOMEONE ELSE WHEN YOU HAVE NO OBLIGATION TO DO SO (co-signing loan or acting as a surety or guarantor).
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L.10.7
Describe the situation: A PROMISE TO PAY A DEBT DISCHARGED IN BANKRUPTCY |
WHEN A DEBT IS NO LONGER OWED BECAUSE IT WAS CANCELLED AS A RESULT OF HAVING DECLARED BANKRUPTCY AND A NEW PROMISE TO PAY IS MADE AFTER THE DEBT WAS CANCELLED.
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L.10.8
Describe GOL 5-703 REAL ESTATE |
1. ALL SALES OF REAL ESTATE MUST BE IN WRITING.
2. LEASES OF REAL ESTATE FOR MORE THAN ONE YEAR MUST BE IN WRITING. YEAR BEGINS ON DAY LEASE BEGINS, NOT DAY LEASE IS MADE. 3. A CONTRACT TO LEAVE REAL PROPERTY TO SOMEONE IN A WILL INCLUDING ESTABLISHING A TRUST OF REAL PROPERTY. EXCEPTION: ● WHEN THERE IS PART PERFORMANCE OF A CONTRACT TO SELL OR LEASE REAL PROPERTY THE CONTRACT IS ENFORCABLE EVEN THOUGH IT’S ORAL. TO HAVE PART PERFORMANCE THERE MUST BE: * PART PAYMENT, AND * POSSESSION OF LAND WITH SELLER’S APPROVAL, AND * SUBSTANTIAL OR PERMANENT IMPROVEMENTS WITH SELLER’S APPROVAL. |
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L.10.9
Describe the AGENT situation |
AN AGENT MUST HAVE WRITTEN AUTHORIZATION TO SIGN ANY DOCUMENTS RELATED TO SALE OR ASSIGNEMENT OF INTEREST IN REAL ESTATE.
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L.10.10
Describe CPLR 7501 ARBITRATION AGREEMENT |
THE COURTS OF NEW YORK WILL ENFORCE ONLY WRITTEN AGREEMENTS TO USE ARBITRATION INSTEAD OF THE COURTS TO RESOLVE A DISPUTE.
EXAMPLE: AN UNHAPPY EMPLOYEE SUES HIS EMPLOYER. THE EMPLOYER’S DEFENSE IS THAT THERE IS A SIGNED LABOR (COLLECTIVE BARGAINING) AGREEMENT CONTAINING AN ARBITRATION CLAUSE. THE COURT THEN DISMISSES THE CASE AND TELLS THE EMPLOYEE THAT HE HAS TO USE THE ARBITRATION PROCEDURE. |
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L.10.11
Parol Evidence Rule |
The court will not allow oral evidence to be considered if it changes the terms of a written K.
The Rule is based on the belief that when the parties signed the K if contained all the terms. The only way to change the terms of a K is through modification as discussed in the chapter on consideration. |
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L.10.12
Specific Performance |
A remedy provided by the court the orders the parties to perform the K exactly as promised (instead of damages for breach). Specific performance is only given when the party who was suing was to receive something unique under the K. All real estate is considered unique.
e.g. rare arts, antique |
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L.10.13
Suretyship Provision: |
the promise to pay must be in signed writing to be enforceable
The principal debtor son covered by the third party Father. (Father is to cover someone else's debt.) *If cosigned loan / lease, then possible for father to be entitled. |
