BUSN 323 Lecture Notes - Lecture 9: Estoppel, Oral Contract, Specific Performance
Document Summary
Statute of frauds a rule of state law that requires certain types of contracts to be in writing in order to be enforceable. Oral contract between merchants, oral contracts for customized ( specially manufactured ) goods. Purpose of parole evidence rule lends stability, predictability and integrity to written contracts. Integrated contracts: written contracts within statute of frauds intended to be complete and final representation of parties" agreement, general rule: integrated contracts prevent admissibility of parole evidence, mandatory and valuable. Assignment assignment: transfer rights under a contract to a 3rd party assignor: party to contract who transfers his/her rights to a 3rd party assignee: party (not in privity of contract) who receives transfer of rights to a contract. 3rd party beneficiary contracts intended beneficiary: 3rd party to contract whom contracting parties intended to benefit directly from contract. Contracting parties do not intend to benefit incidental beneficiary. Incidental beneficiaries cannot sue to enforce contract obligations.
