Exam 14: Statute of Frauds and Equitable Exceptions

How should an e-mail message be evaluated for meeting the Statute of Frauds requirements for a writing? How should the signature requirement be interpreted?

The primary purpose of the Statute of Frauds is to ensure that the terms of important contracts are not forgotten,misunderstood,or fabricated.

A symbol or mark may act as an individual's signature as per the Statute of Frauds and the UCC's requirement that a written contract must be signed by the party against whom enforcement is sought.

Seller and Buyer negotiate for the sale of 100 acres of land.They orally agree on a price of $100,000,with payment to be made within 10 days and the deed delivered within another 30 days.Buyer sends Seller a letter in which all these terms are included,along with a check for $100,000 that Seller deposits.Seller fails to deliver a deed,and Buyer seeks to enforce the contract.This contract is:

Even if a contract is required to be in writing by the Statute of Frauds,the parties may voluntarily perform the contract if they so choose.

What is "parol evidence?"

What is the purpose of the parol evidence rule? Would it be better to simply allow all parol evidence in as evidence and leave it up to the jury how much weight to give to the evidence? Would this be better than not allowing the jury to see the evidence at all? What advantages and disadvantages would there be to eliminating the parol evidence rule?

The Statute of Frauds may not be used as a defense to an already executed oral contract.

In December,2001,Mark signs a written consulting agreement for the period of January,2002,through May,2003.The contract is going well,so on June 15,2002,the parties orally agree to extend the arrangement by 4 months through September 2003.In October 2002,the client tells Mark that the 4-month extension will not be honored.Under these circumstances,which of the following is true?

The primary significance of requiring only the signature of the party "against whom enforcement is sought" under the Statute of Frauds is that:

In a guarantee situation,there are only two parties involved.

Jack and Jill were discussing business over lunch when they agreed on the sale of some goods.Because neither of them had any paper handy,Jack wrote the following on a napkin: "Jill agrees to purchase from Jack,1,000 widgets to be delivered on July 1,2001,at a cost of $10,000,payable on delivery." Jill signed the napkin,although Jack did not sign it.Jack delivered the widgets per the contract,but Jill refuses to pay for them.If Jack sues Jill for the price of the goods,the most likely result is which of the following?

The "main purpose" or "leading object" exception is intended to ensure that the primary benefactor/guarantor of the contract is answerable for the debt or duty.

John is president and sole shareholder of Photo,Inc.Photo,Inc.wishes to borrow money,but to do so,the bank requires John to orally guarantee to repay the loan if Photo,Inc.cannot.John's guaranty to repay is:

A written agreement was signed by the parties and was intended to be their entire agreement.Under the parol evidence rule,oral evidence CANNOT be admitted to:

The part performance exception to the Statute of Frauds applies only to guaranty contracts.

The Statute of Frauds does not apply to mortgage contracts.

The exception to the Statute of Frauds,which allows an oral contract for the transfer of land to be enforced,if the buyer has either paid for the land or taken possession of the land is called the ________ exception.

Under the doctrine of promissory estoppel,the promisor is prevented from asserting the Statute of Frauds as a defense to the enforcement of an oral contract.

The parol evidence rule does not apply to agreements made after the primary agreement.