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Terms in this set (60)

1. Contracts Involving Interests in Land- Contracts for the sale of land, building and items attached to land, mortgages, leases for a term of more than one year, and express easements must be in writing
2. Part Performance Exception- permits the specific enforcement of oral contracts for the sale of land when they have been partially performed to avoid injustice
3. One-Year Rule- Contracts that cannot be performed within one year of their formation must be in writing
4. Guaranty Contract or (Collateral Contracts) - Occur where one person promised to answer for the debts or duties of another person
5. Main Purpose Exception- Permits enforcement of oral collateral promises if the main or leading purpose of the collateral promise is to benefit the guarantor
6. Contracts for the Sale of Goods- According to Section 201 of the Uniform Commercial Code (UCC), Contracts for the sale of goods costing $500 or more must be in writing to be enforceable
7. Agents' Contracts- Require Agents' Contracts to sell real property covered by the Statute of Frauds be in writing to be enforceable
8. Promises Made in Consideration of Marriage- a unilateral promise to pay money or property in consideration for a promise to marry must be in writing
Ex. Prenuptial Agreements
9. Promissory Estoppel- is an equitable doctrine that prevents the application of the Statute of Frauds. It permits the enforcement of oral contracts that should otherwise be in writing under the Statute of Frauds to prevent injustice or unjust enrichment