LEGL 4400 Test 1
Statue of Frauds
- Land contract provision
- One year provision
- Sale of goods ($500)
- Any changes for these must be in writing
Land contract provision
provision applies to promises to transfer any rights, privileges, powers or
immunities in real property
One year provision
- applies to contracts that cant be performed within one year
-- The possibility test- the criterion is whether it is possible, not likely for the
agreement to be performed within one year
-- Computation of time- the year runs from the time the agreement is made
-- Full performance by one party- makes the promise of the other party
enforceable under majority view
Sale of goods provision
- a contract for the sale of goods for the price of 500 or more must be in
writing to be enforceable
, -- Admission
-- Specially manufactured goods
-- Delivery or payment and acceptance
Specially manufactured goods
(Under Sale of Goods Prov.) an oral contract for these types of goods is
enforceable
Delivery or payment and acceptance
(Under Sale of Goods Prov.) validates the contract only for the goods that
have been accepted or for which payment has been accepted
Admission
(Under Sale of Goods Prov.) a(n) ________ in pleadings, testimony, or
otherwise in court makes the contract enforceable for the quantity of goods
admitted
Parol Evidence Rule
A substantive rule of contracts under which a court will not receive into
evidence the parties' prior negotiations, prior agreements, or
contemporaneous oral agreements if that evidence contradicts or varies the
terms of the parties' written contract.
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