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Ch 15 Contracts In Writing (98% on the test)

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Louisiana State University
Business Law
BLAW 3201

Ch 15 Contracts in WritingStatute of FraudsContracts Within the Statute of FraudRule Contracts within the statute of frauds must be evidenced by a writing to be enforceablePromises to answer for the duty of anotherPromises of an executor or administrator to answer personally for a duty of the decedent whose funds he is administeringAgreements upon consideration of marriageAgreements for the transfer of an interest in landAgreements not to be preformed within one yearElectronic Records full effect is given to electronic contracts and signaturesSuretyship Provision applies to promises to pay the debt of othersEx If a mother tells a merchant to extend 1000 worth of credit to her son and says if he doesnt pay I willShe only has to pay if her son fails toPromise Must Be Collateral promisor must be secondarily not primarily liableMain Purpose Doctrine if the primary object is to provide an economic benefit to the surety then the promise is not within the statuteExecutorAdministrator Provision applies to promises to answer personally for duties of decedentsExBrian who is Anns son and executor of her will recognizing that Anns estate will not provide funds sufficient to pay all her debts orally promises Curtis one of Anns creditors that he Brian will personally pay all of his mothers creditors in full in return for valid consideration from CurtisBrians oral promise is not enforceableMarriage Provision applies to promises made in consideration of marriage but not to mutual promises to marryEx If Greg and Betsy each orally promise and agree to marry each other their agreement is not within the statute and is a binding contract between themIf Greg promises to convey title to a certain farm to Betsy if she accepts his proposal of marriage their agreement would fall within the statute of fraudsLand Contract Provision applies to promises to transfer any rights privileges powers or immunities in real property All promises to transfer buy or pay for an interest in land including ownership interests leases mortgages options and easements are within the provisionDoes not include contracts to transfer an interest in personal property or shortterm leases one year or lessDoes not include contracts to build a building on a piece of land contracts to do work on the land or contracts to insure a building on the landIf the seller wishes to take it back many States require that buyer have paid a portion or all of the purchase price and either have taken possession of the real estate or have started to make valuable improvements on the land in order to not allow the seller to take it back
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