Exam 15: The Statute of Fraudswriting Requirements

Lola agrees to assume Mira's debt to New Sales Corporation. Lola does not get any personal benefit for the agreement. To be enforceable, the prom?ise must be in writing if the debt is for

The Statute of Frauds requires that statutes must be in writing.

Ilsa and Jiffy Loan Company enter into an oral contract under which Ilsa agrees to pay Kyle's debt if he does not. Ilsa does not get any per?sonal benefit for the agreement. This contract is enforceable by

Fact Pattern 15-A1 Macro Marketing, Inc., and National Food Corporation discuss the terms of a contract. Macro then faxes NFC a memo on Macro's letterhead that summarizes the items on which they agreed, including a two-year term. NFC begins to perform, but Macro refuses to pay. -Refer to Fact Pattern 15-A1. Between Macro and NFC, there is

Eve files a suit against Financial Associates, Inc. (FA), to enforce an oral contract that would otherwise be unenforceable under the Statute of Frauds. The court could enforce such a contract if

A contract must be in writing to be enforceable if the contract makes per?formance within one year possible.

Mia orally promises Nick that she will buy his fishing trawler for $10,000. Before either party acts in reliance on this promise, under the doctrine of promissory estoppel, the transaction is enforceable by

Century Properties. Inc., and Dandy Capital Corporation enter into a con?tract for a sale of land. To be enforceable, the contract must be in writing if the land is valued at

International Business, Inc. (IBI), agrees to assume a debt of Southern Export Company to First National Bank. This promise is for the benefit of IBI. To be enforceable, the promise must be in writing if the debt is for

An integrated contract is the final embodiment of the terms of an agreement.

Pacific Applications, Inc., and Quality Resale Company (QRC) enter into an oral contract for Pacific's sale to QRC of six used forklifts for $1,900 each. Before QRC takes posses?sion of the items, this contract is enforceable by

All collateral promises must be in writing to be enforceable.

Lem buys a used MP3 player for $50 and a new laptop for $1,500, and signs a one-year employment contract for a $4,000 monthly salary to start at the beginning of the next month. The Statute of Frauds covers

Frances has lived in an apartment for ten years when she decides to buy a house. Her one-year lease will end on May 1. On April 15, she orally con?tracts to buy Smith's house for $100,000, with the closing (transfer of the deed) to take place on June1. Smith's lawyer, who is out of town on vaca?tion, is to draft a written contract of sale on his return to his office on May 15. Because Frances's lease is terminating, Smith agrees to let her take possession of the house on May 1 if Frances gives him a "down payment" on the house of $5,000. Frances agrees and gives Smith the $5,000. She moves into the house on May 2, and the following weekend plants trees in the back yard. On May 10, Smith receives a written offer from Green to buy Smith's house for $120,000. Smith accepts Green's offer, asks Frances to move out of the house, and tries to return the $5,000 to Frances. Frances claims that she has an enforceable contract to buy the house. Smith claims that any such contract must be in writing to be en?forceable under the Statute of Frauds. Who is correct and why?

A contract does not need to be in writing to be enforceable if the contract makes performance within one year possible.

E-Business, Inc. files a suit against Federated Financial Corporation, asking the court to enforce an oral contract between the parties under the doctrine of promissory estoppel. This doctrine applies in

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

Fact Pattern 15-B1 Odell and Pete sign a contract for the sale of Odell's Pizza Parlor to Pete. The parties intend their written contract to be a final statement of most, but not all, of the terms of their agreement-Odell must first buy the building from Quin, after which Odell and Pete will negotiate a final price. -Refer to Fact Pattern 15-B1. Pete later disputes some of the provisions of the deal with Odell. If the dispute results in litigation, a court will most likely admit evidence of

The Statute of Frauds requires that fraud must be proved by a writing.

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