Terms in this set (5)
Consideration: debt barred by a technical defense
MSR: If past obligation would be enforceable except for the fact that a technical defense to enforcement stands in the way, like statutory of limitations, courts will enforce new promise if it is in writing or has been partially performed
FL: promise to pay debt barred by SoL is enforceable if it is writing and signed by party sought to be charged
Defenses based on lack of capacity: Ks of infants (minors)
MSR: Age of majority in most jurisdictions in 18. In many states, married persons under 18 also considered adults.
FL: Marriage of a minor removes K incapacity notwithstanding the subsequent death of a spouse or dissolution of marriage
Defenses based on lack of capacity: Ks of infants (minors), statutory exceptions to legal incapacity to K
MSR: Some states have statutory exceptions to legal incapacity to K, usually encompassing insurance Ks, student loan Ks, and the like.
FL: Disabilities are removed to allow:
- minors 16 or older to borrow money for their own higher education, with interest no higher than rate for a federal Guaranteed Student Loan
- eligible minors to participate in benefits of the Home, Farm, and Business Loans Act of the federal gov't
- minor, whether married or not, to K for medical services for her child or pregnancy
Minor can be estopped from racing legal incapacity as defense to enforcement of K if minor induced the other party to enter into K by fraudulently misrepresenting that he has reached age of majority.
Statute of frauds: agreements covered
MSR: K required to be in writing:
- executor or administrator promises personally to pay estate debts
- promises to pay debt of another
- promises in consideration of marriage
- interest in land
- performance not w/in 1 year
- goods prices at $500 or more
FL: Other Ks required to be in writing in FL include:
- health care guarantees
- debt barred by SoL
- newspaper subscriptions
- home solicitation sales
- home improvement Ks
- credit agreements
Discharge of contractual duties; discharge by impracticability
MSR: Test for a finding of impracticability is that:
- party to perform has encountered extreme and unreasonable difficulty and/or expense AND
- nonoccurence was a basic assumption of the parties
FL: rationale for the doctrine of impracticability is that circumstances causing breach have made performance vitally different from what was anticipated, so K cannot reasonably be thought to govern.
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THIS SET IS OFTEN IN FOLDERS WITH...
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