Exam 15: B: The Statute of Frauds

Fact Pattern 15-A1 Macro Marketing,Inc. ,and National Food Corporation (NFC)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.Macro begins to perform,but NFC refuses to pay.Macro files a suit to collect.NFC claims that there is no contract. -Refer to Fact Pattern 15-A1.Between Macro and NFC,there is

If a contract to do something in certain intervals over a period of less than one year is not in writing,it is not enforceable.

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 con?tract is enforceable by

Fact Pattern 15-A2 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. -Refer to Fact Pattern 15-A2.The writing that Radford and Serenity signed is

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

Fact Pattern 15-A2 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. -Refer to Fact Pattern 15-A2.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

A contract may have to be in writing to be enforceable even if its performance is possible within a year.

Timber Farms,Inc. ,and Wood Products Corporation enter into an oral contract for the sale of a lumber mill and the land on which it is situated from Timber to Wood.Under the Statute of Frauds,this contract is enforceable by

To be enforceable,a memorandum evidencing an oral contract that would otherwise be unenforceable must include the essential terms.

An oral contract that must be in writing to be enforceable is not enforce?able even if the parties admit to its existence in court.

Steve agrees to assume a debt of Thumb Grippers Company to Main Street Bank.The agreement is not in writing.To be enforceable,the promise must be for the benefit of

Grandiloquent Properties,Inc. ,and Investment 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

Elle buys a new textbook for $100 and a used car for $5,000,and signs a one-year lease for an apartment for $1,000 monthly rent to start at the beginning of the next month.The Statute of Frauds covers

An oral con?tract for a transfer of an interest in land is never enforceable.

A contract involving a lease is the only contract relating to an interest in land that must be in writing to be enforceable.

Kirk Custodial Service and Green Energy Company enter into an oral contract under which Kirk agrees to provide custodial service for Green's facilities for two years.This contract is en?forceable by

A contract involving property of any kind must be in writing to be enforceable.

An oral contract for a sale of land may be enforceable if the contract has been partially per?formed.

Lyra induces Moe to enter into a contract for the sale of an apartment about which Lyra fraudulently misrepresents a number of material facts.Lyra tells Moe that her commission is 6 percent,but their signed,written contract states "12 percent." The Statute of Frauds governs

Oral evidence to "fill in the gaps" of a contract with incomplete terms can be introduced at a trial.