BSL 212 - CHAPTERS 15-16 EXAM
QUESTIONS WITH VERIFIED ANSWERS
{ GRADED A+}
statute of frauds - broad legal principle that guides the types of agreements
that need to be in writing; agreements that must be in writing fall within this
agreements that fall within the statute of frauds - (1) ...
statute of frauds - ✔✔broad legal principle that guides the types of agreements
that need to be in writing; agreements that must be in writing fall within this
agreements that fall within the statute of frauds - ✔✔(1) suretyship agreements
(2) Ks for the sale of real estate
(3) Ks that cannot be completed in less than 1 year
(4) Ks for the sale of goods $500 or more
(5) Ks where the executor of an estate promises to be personally responsible for the
debt of the decedent
(6) Ks where marriage is the consideration (pre-nuptial)
, suretyship agreements - ✔✔agreement to pay the debt of another in the event of
the original promisor's default; main purpose exception
main purpose exception - ✔✔a party agrees to pay the debt of another in the event
of default for their own primary benefit
exceptions to Ks for the sale of real estate - ✔✔(1) full performance by the seller
(2) payment of partial consideration and substantial improvements to the property
by the buyer
Ks for the sale of goods $500 or more - ✔✔look to most recent modification
before performance; if performance occurs and buyer accepts and keeps it, the
contract is enforceable only up to the amount shipped; specially manufactured
goods exception
specially manufactured goods exception - ✔✔(1) goods must be specially made
for the buyer
(2) unsuitable for sale in the ordinary course of the seller's business
(3) the seller must have begun manufacture of the goods at the time of repudiation
(4) commencement of manufacture must be under circumstances confirming goods
were for/ordered by the buyer
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