BUS 131 Chapter 16 Notes
BUS 131 Chapter 16 Notes BUS 131 - 010
Kutztown University of Pennsylvania
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BUS 131 - 010
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This 2 page Class Notes was uploaded by Whitney Davis on Monday March 21, 2016. The Class Notes belongs to BUS 131 - 010 at Kutztown University of Pennsylvania taught by Dr. Slamon in Spring 2016. Since its upload, it has received 11 views. For similar materials see Business Law I in Business at Kutztown University of Pennsylvania.
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Date Created: 03/21/16
Chapter 16: The Writing Requirement and Electronic Record Writing Requirement: The Statute of Frauds Statute of Frauds o Says that in order for certain types of contracts to be enforceable they must be in writing Origins of the Statute o An Act for the Prevention of Frauds and Prejuries Passed in 1677 Enforceable contracts must be written and signed by party against whom enforcement was pursued State Legislation Contracts That Require a Writing Required written or electronically recorded contracts: o Involving interest in land o Cannot be performed within one year from the day after formation date o Collateral (secondary) contracts Promise to answer for duty or debt of another Promise by administrator or executor of an estate to pay a debt of estate personally o Promises made in consideration of marriage o Sale of goods priced at $500+ Contracts Involving Interests in Land o Not enforceable unless written of evidenced by written memorandum o Statute of Frauds is a defense to enforcement The One-Year Rule o If contract cannot be performed within one year after formation it must in writing in order to be enforceable Collateral Promises o Secondary promise o Subsidiary to principal transaction or primary contractual relationship o Made by 3 party Promises Made in Consideration of Marriage o Unilateral promise must be in writing o Prenuptial agreements Agreements defining each partner’s ownership rights made before marriage Contracts for the Sale of Goods o Writing must only state the quantity term o Contracts is not enforceable for quantities set greater than what’s written Exceptions to the Writing Requirement Partial Performance o When contract has been partially performed court may grant specific performance o Specific performance Requires performance of contract according to its precise terms Admissions o Occurs at any stage of court proceedings o If party against whom enforcement of oral contract is pursued admits under oath that contract for sale was made, contract is enforceable Promissory Estoppel o Promisee must have justifiably relied on promise to her/his detriment, and reliance must be foreseeable to person making promise to be enforceable Special Exceptions under the UCC o Applies to sales contracts o Oral contracts between merchants that have been confirmed in a written memorandum Sufficiency of the Writing Signature can be anywhere in the writing, except at the end of the document What Constitutes a Writing? o Can consist of any invoice, order confirmation, check, sales slip, fax or e-mail o Need not consist of single document o Documents may incorporate each other What Must Be Contained in the Writing? o A note or memorandum evidencing oral contract only needs to contain essential terms of contract o Indication of agreement by parties o Subject matter, consideration and reasonable term identification o Contract is only enforceable by party of signature The Parol Evidence Rule Courts will not allow parties to present parol evidence if written contract represents final statement of parties’ agreements Parol evidence o Evidence of communications between parties that’s not contained in contract Exceptions o Contracts subsequently modified o Voidable or void contracts o Incomplete contracts o Prior dealing, course of performance, or usage of trade o Contracts subject to orally agreed-on condition precedent o Contracts with obvious error not representing agreement of parties Integrated Contracts o Constitutes the final expression of parties’ agreement o Outside evidence excluded o Contract can be either completely or partially integrated o Courts exclude any contradictory evidence to writing
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