3) Statute of Frauds

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Contract Law Mind Map on 3) Statute of Frauds, created by Alex Cooper on 05/07/2013.
Alex Cooper
Mind Map by Alex Cooper, updated more than 1 year ago
Alex Cooper
Created by Alex Cooper over 10 years ago
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3) Statute of Frauds
  1. Transfer of interest in real property - lease (= or > 1 year), easement, etc. included
    1. Equal dignities rule - agents authority must be in writing
      1. Satisfactory writing must state all material terms (who / what) + signed by D
        1. Exceptions = no writing required
          1. Leases 1 year or less
            1. 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
            1. Need only be theoretically possible = no writing required
              1. Specified period greater than 1 year = writing required
                1. Life time contracts
                  1. MBE: no writing required
                    1. NY: writing required
                    2. Satisfactory writing must state all material terms (who / what) + signed by D
                      1. Full performance exception = no writing required
                        1. Part performance not enough
                      2. Sale of Goods for $500 or more - Art. 2 UCC
                        1. Satisfactory writing must contain quantity term and be signed by party to be changed with breach of contract (i.e. D.)
                          1. Exceptions = no writing required
                            1. Goods accepted or paid for by buyer
                              1. Deposit takes entire contract out of S/F
                                1. Does not apply to whole contract!
                                2. Custom made goods where: i) substantial start + ii) not suitable for sale to others
                                  1. Judicial admission
                                    1. 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
                                  2. NY: Lease of Goods for $1,000 or more - Art. 2A UCC
                                    1. Satisfactory writing must state: i) its a lease, ii) quantity, iii) duration and iv) rental payments + by signed by D
                                    2. Suretyship
                                      1. A promise to "answer for" the debt of another
                                        1. Satisfactory writing must state all material terms (who / what) + signed by D
                                          1. Main purpose exception
                                            1. MBE: if main purpose to benefit surety = no writing required
                                              1. NY: doesn't recognise main purpose exception = writing always required
                                            2. Contract Mofidication
                                              1. If contract as modified w/in S/F = writing required
                                                1. CL: always allowed to modify contract
                                                  1. Art. 2: contract prohibits oral modification - upheld
                                                2. Misc. New York Provisions
                                                  1. Assignment of an insurance fee
                                                    1. Promise to pay a discharged debt
                                                      1. Agreement to pay a finders fee or broker's commission
                                                        1. Exception: attorney, auctioneer, licensed real estate agent
                                                        2. Satisfactory writing must state all material terms (who / what) + signed by D
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