3) Statute of Frauds

Alex Cooper
Mind Map by Alex Cooper, updated more than 1 year ago
Alex Cooper
Created by Alex Cooper over 6 years ago


Contract Law Mind Map on 3) Statute of Frauds, created by Alex Cooper on 07/05/2013.

Resource summary

3) Statute of Frauds
1 Transfer of interest in real property - lease (= or > 1 year), easement, etc. included
1.1 Equal dignities rule - agents authority must be in writing
1.2 Satisfactory writing must state all material terms (who / what) + signed by D
1.3 Exceptions = no writing required
1.3.1 Leases 1 year or less
1.3.2 Part performance exception requires 2/3: i) buyer in possession, ii) buyer made improvements, iii) buyer made some payment
2 Performance cannot be completed within 1 year
2.1 Need only be theoretically possible = no writing required
2.2 Specified period greater than 1 year = writing required
2.3 Life time contracts
2.3.1 MBE: no writing required
2.3.2 NY: writing required
2.4 Satisfactory writing must state all material terms (who / what) + signed by D
2.5 Full performance exception = no writing required
2.5.1 Part performance not enough
3 Sale of Goods for $500 or more - Art. 2 UCC
3.1 Satisfactory writing must contain quantity term and be signed by party to be changed with breach of contract (i.e. D.)
3.2 Exceptions = no writing required
3.2.1 Goods accepted or paid for by buyer Deposit takes entire contract out of S/F Does not apply to whole contract!
3.2.2 Custom made goods where: i) substantial start + ii) not suitable for sale to others
3.2.3 Judicial admission
3.2.4 Merchant's confirmatory memo - must have: i) both parties are "merchants, ii) writing claims agreement / has quantity, and iii) there is no written objection w/in 10 days
4 NY: Lease of Goods for $1,000 or more - Art. 2A UCC
4.1 Satisfactory writing must state: i) its a lease, ii) quantity, iii) duration and iv) rental payments + by signed by D
5 Suretyship
5.1 A promise to "answer for" the debt of another
5.2 Satisfactory writing must state all material terms (who / what) + signed by D
5.3 Main purpose exception
5.3.1 MBE: if main purpose to benefit surety = no writing required
5.3.2 NY: doesn't recognise main purpose exception = writing always required
6 Contract Mofidication
6.1 If contract as modified w/in S/F = writing required
6.1.1 CL: always allowed to modify contract
6.1.2 Art. 2: contract prohibits oral modification - upheld
7 Misc. New York Provisions
7.1 Assignment of an insurance fee
7.2 Promise to pay a discharged debt
7.3 Agreement to pay a finders fee or broker's commission
7.3.1 Exception: attorney, auctioneer, licensed real estate agent
7.4 Satisfactory writing must state all material terms (who / what) + signed by D
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