Part 4 Study Guide
Part 4 Study Guide
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This 5 page Study Guide was uploaded by Zohar Peleg on Tuesday February 17, 2015. The Study Guide belongs to a course at a university taught by a professor in Fall. Since its upload, it has received 29 views.
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Date Created: 02/17/15
Quiz 4 121715 02172015 Ch4 DF Writing requirement Verbal agreements are enforceable Statute of frauds lf agreement falls within 4 categories it must be in proper writing Real estate K Guarantee debt of another Fixed termyear of serviceemployment K Sale of goods of 500 or more Special situations lf agreement does NOT fall within these requirements it does not need to be in writing 5 Categories that must be in writing 1 Real estate K Lease agreement of 1 year or more must be in writing Exception part performance 2 Guarantee debt of another quotif he doesn t pay you I willquot Verbal guarantee promise is unenforceable Exception bene t to guarantee 3 Fixed term one year or more Verbal term is unenforceable Must be in proper writing Exception for life K s 4 Sale of goods of 500 or more Nonsigner exception both parties are merchants of the same business merchant received writing from other merchant and does not object within 10 days to the K but does not sign it both parties are bound exception special manufactured goods 5 special situations promises to make a will inheritance marriage service agreements Exceptions to 5 Categories 1 part performance exception to real estate 0 2 types 0 agreed deposit 0 taking possession and making improvement 2 bene t to guarantor exception to guarantee K s applies if reason for guarantee is also to bene t the guarantor 0 ex guarantor will also receive in the deal 3 for life contract 0 state that verbal is enforceable 0 except NY and Michigan for life hiring contracts are within statute of frauds and must be in writing 4 special manufacture goods 0 if goods of 500 or more AND have been worked on 0 ex custom car proper writing 0 can be written on anything 0 actual writing can be any form of inkpencil signature can be either formal name nickname initials who must sign 0 has to be signed by quotparty to be chargedquot the defendant parol evidence rule 0 you cannot modify the terms of a clear written K to bring in evidence of what happened before exception unclear K bring in outside evidence Stands in shoes rule 0 The assignee investor stands in the shoes of his assignor and takes subject to any and all transactional defenses Unplugging stands in shoes rule NIL states that if satisfy 2 requirements then buyer of the paper can collect from the obligor even if there were any transactional defenses o 2 requirements 0 paper is in negotiable form o holder in due course you pay something for paper and did NOT know about product defect third party bene ciary K s life insurance policy 0 if you are an intended bene ciary you have legal rights 0 if you are an incidental bene ciary you have no legal rights conditional precedent person is not legally bound until condition occurs condition subsequent person is legally bound currently but may be excused in the future if the speci ed event occurs 0 ex renting a textbook from UM bookstore you re legally bound unless the UM bookstore ceases to exist engagement ring 0 are based on condition precedent bc man gives temporary possession of the ring UNDER the CONDITION of her marriage to him Cases Caracas case 0 quotif he doesn t pay you I willquot verbal agreement Medina says verbal agreement is unenforceable Win Medina bc of secondary promise it s verbal and unenforceable Keonard Lines 0 Company bought Queen Mary ship 0 Made deal with city of Long Beach 0 Win Long beach bc of intention of ship to be used as real estate and has achieved legal status as xture Redlands Poor farmer enters into verbal K to buy acres Owner will allow buyer to take possession of the property and renovate it Real estate agent offers owner even more for the acres and tells farmer to leave Win farmer bc of estopped to deny Polk County FL Polk has K with Health Services to provide health services for inmates An inmate has chronic alcoholism and is taken to in rmary operated by health services and dies there His widow sues claiming that she s 3rd party bene ciary Win Health services bc widow is incidental 3rd party bene ciary
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