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Business Law Chapter 16 Study Guide

Terms in this set (11)

Writing
certain contracts must be in___ to be enforceable
Oral Contract Problems
1. was there even contract?
2. What were the terms of the contract?
Unenforceable Contract
legal defense against it
Suretyship
has to be in writing
promise to pay for the debt of another person
must be a secondary promise to pay to fall under statute of frauds
Real Estate
has to be in writing
real property, building, houses, sacred unique
Exception: oral contract involving land partial performance by the buyer, buyer can recover: specific performance
Contracts can not be performed in one year (from the date of contract)
has to be in writing
Example: 3/15/19, sign contract with SHC, teach aug-dec 2019, fall 2019
jan-may 2020, spring 2020
won't complete work till may 20, more than a year
can't fulfill job in a year
Indefinite employment contract
does not come under statue of frauds (infinity) (I may die tomorrow) doesn't have to be in writing
Contracts Involving the Sale of Goods $500 or more
must be in writing
uniform commercial codes deals with merchants
not common law
statutory
amount may vary from state to state
Exceptions: 1. buyer breaches on custom made goods to the contract. Have an oral contract. Court says seller will recover
2. Judiciary Admissions-other party in court will admit, yeah we have a contract. Sneak it in during court.
Memo
what needs to be in writing, all you need
signed by parties against whom it is being enforced
containing the terms of the contract
Parol Evidence Rule
oral, verbal, extrinsic, outside of contract
if you have a written contract, you cannot use oral evidence to show that the written terms were different from what the terms should have been
you cannot introduce any prior written or oral evidence that might vary or contradict the present existing written contract
cannot take as evidence outside of written contract and bring it into written contract
Exceptions:
1. ambiguity in the contract
2. dealings between merchants (prior look at custom and usage)
3. Judicial admissions, sneak it in during court without objection
Merger Clause
interested contract
"This contract contains the final agreement and all terms"
end of written contract
represents contract in its entirety
usually enforceable
override parol evidence rule and exception
what is in contract is everything that needs to be there, nothing new in, nothing out, it is sealed.
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