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Collateral Promise

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A secondary promise that is ancillary (subsidiary) to a principal transaction or primary contractual relationship, such as a promise made by one person to pay the debts of another if the latter fails to perform. Must be in writing to be enforceable.

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Integrated Contract

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A written contract that constitutes the complete and final expression of the agreement. Evidence extraneous to the contract that contradicts or alters the meaning of the contract in any way is inadmissible.

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Parol Evidence Rule

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Testimony or other evidence of communications between the parties that are not contained in the contract itself.

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Prenuptial Agreement

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An agreement made before marriage that defines each partner's ownership rights in the other partner's property, must be in writing to be enforceable.

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Statute of Frauds

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Certain agreements are required by law to be in writing or evidenced by a record. Without a written record it may not be enforceable.

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Parol Evidence Rule

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Courts follow when determining whether evidence that is extraneous, or external, to written contracts may be admissible at trial

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Statute of Frauds

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Denies enforceability to certain contracts that do not comply with written requirements

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Must be written or evidenced by writing

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Contracts involving: Land, exceeding one year from date after formation for performance, Collateral, Marriage consideration, Sale of Goods priced $500 or more

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Completely Integrated Contract

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Radford and Serenity sign a written contract for the sale of Rad's Coffee & Bagels business to Serenity. The parties intend their written contract to be a final statement of the terms of their agreement. The writing that Radford and Serenity signed is

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Contradicts the Written Terms

answer

Radford and Serenity sign a written contract for the sale of Rad's Coffee & Bagels business to Serenity. The parties intend their written contract to be a final statement of the terms of their agreement. Serenity later disputes some of the provisions in the deal with Radford. If the dispute results in litigation, a court will most likely exclude evidence that

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Essential Terms

answer

Uri and Vicky orally agree on the sale of Uri's Nite Club to Vicky and note the terms on a pair of the Club's napkins, which they both sign. A written memorandum evidencing an oral contract that would otherwise be unenforceable must contain only the

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True - see Statute of Frauds

answer

True / False A contract that by its own terms cannot be performed within a year must be in writing to be enforceable

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True- must be in writing, Secondary obligation. See Statute of Frauds

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True / False. A party's oral agreement to pay another's debt is never enforceable.

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True- Statute of Frauds

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All collateral promises must be in writing to be enforceable

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Statute of Frauds

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Glenn and Haji sign a written contract. Glenn claims that the parties later orally agree to modify it. Any oral modification is likely NOT enforceable if it falls under

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True

answer

True / False Under the Statute of Frauds, any contract that is not in writing is void.

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True

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True / False To be enforceable, a memorandum evidencing an oral contract that would otherwise be unenforceable must include essential terms

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None of the Choices

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Garden and Yard Landscaping and Penelope enter into an oral contract under which she agrees to work on a Garden and Yard project for sixteen months. This contract is enforceable by a. Garden and Yard b. Penelope c. any interested third party d. none of above

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False

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True / False An oral contract that must be in writing to be enforceable is NOT enforceable even if the parties admit to it's existence in court.

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False

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True/ False There are no exceptions to the Statute of Frauds

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The Seller or Buyer

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Pablo and Melia enter into an oral contract for Pablo's sale to Melia of a laptop computer for $400. Assuming the terms can be proved, the contract is enforceable by a. The seller or buyer b. the manufacturer c. any third party d. none of the choices

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an orally agreed-on condition precedent

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Ginamarie files a suit against Gaming Innovators Unlimited Inc to enforce a written contract between the parties. If the court finds that the parties intended the contract to be the final statement of their agreement, parol evidence can be admitted to prove a. an orally agreed-on precedent b. orally discussed terms before contract formation but not contained within it c. orally discussed terms after contract formation but not contained within it d. nothing

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None of the Choices

answer

Kirk Custodial Service and Green Energy company enter into an oral contract under which Kirk agrees to provide custodial sercive for Green's facilities for two years. This contract is enforceable by a. Kirk b. Green c. any third party d. none of the choices

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Any Price

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Grandiloquent Properties, Inc. and Investment Capital Corporation enter into a contract for a sale of land. To be enforceable, the contract must be in writing if the land is valued at a. more than $500 b. more than $5,000 c. more than $50,000 d. any price

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One-Year Rule

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A rule which states that an executory contract that cannot be performed, by its own terms, within one year from the day after its formation must be in writing to be enforceable

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Primary Obligation

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A direct party to the contract, does NOT fall under Statute of Frauds and does not need to be in writing to be enforceable

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Secondary Obligation

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arises when a party outside a primary agreement promises to fulfill one of the original party's obligations if the original party fails to fulfill his or her obligation. Must be in writing to be enforceable.

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Specific Performance - Exemption to Statute of Frauds, see Partial Performance

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Performance of the contract according to it's precise terms

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Admission- Exemption to Statute of Frauds

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Enforceable if the party against whom enforcement of "admits" in pleadings, testimony, or otherwise in court that a contract for sale was made, the contract will be enforceable to the quantity demanded

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Promissory Estoppel- Exemption to Statute of Frauds

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Promisee must have justifiably relied on it to his detriment, the reliance must have been foreseeable to the promisor, and enforcement of the promise must be the only way to avoid injustice.

Ch 15 Statute of Frauds – Flashcards

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