Statute of Frauds
1677: Certain contracts must be in writing to be enforced. This applies only to executory contracts
1. Collateral contracts
= promise to answer for the debt of another (guarantee)
Exception: Main purpose or leading objective rule: The guarantor makes a promise where the main purpose is the obtaining of a personal advantage.
Wilson Floors Inc. v. Sciota Park Ltd.(page 449)
2. Sale of an interest in land, including options, leases over one year, mortgages, easements etc.
3. Contracts that cannot be performed within one year
A contract that cannot theoretically be fully performed within one year from the date it was entered into.
Exception: If the contract has been fully performed by one of the parties at the time of the contract
Iacomo v. Lyons (page 451)
4. Sale of goods for $ 500,- and more (U.C.C.)
5. Contract upon consideration of marriage
Memorandum containing the essential terms of the contract:
identity of the parties
subject matter
signed by the party to be charged
It may be possible to enforce the oral contract under promissory estoppel.
Parol evidence rule
Written or spoken statements preceding the contract that are not contained in the written contract which is intended as a complete integration (a complete and final statement of the agreement) will not be permitted into evidence.
Exceptions: ambiguities, duress, fraud
frequently in contracts as “merger clause” or “consolidation clause”
For example: “This agreement contains the entire agreement between the parties and there are no oral or written inducements, promises or agreements except as contained herein.”
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