BLAW 3201 Lecture Notes - Lecture 2: Surety, Community Property, Credit Union
Document Summary
15: daughter still in school apply for loan, credit union for loan approaches father, father (guarantor) makes collateral agreement (o(cid:374)e of daughter (cid:272)a(cid:374)"t pay it back but dad will) Father is collateral promisor makes it in statute of frauds. If we have a contract date of april 10 and performance date which begins. July 1: then with purposes of one year rule count from april 10. If it can be possibly be performed in a year then verbal contract is okay. Yes b/c you could die next day: caesar"s pala(cid:272)e i(cid:374) las vegas, two ladies friends for decades. If you win 1. 9 million then must jump into annuity payment. Pay them every year for 20 years: friend says no to giving winnings and head to court. Will not be intervention by a court if there are verbal contracts. Know mccay vs ford and callick vs cook.
