33:140:320 Study Guide - Final Guide: Oral Contract, Assumpsit, Property Law
Document Summary
Statute of frauds- state statute under which certain types of contracts must be in writing to be enforceable. Requiremet of writing: contracts involving land. Land is a form of real property including physical objects that are permanent. Sale of land contract usually involves entire interest in real property anything affixed to the land- so fixture (personal property attached) is treated as real property. Sof requires written contracts for sale of land and transfer like mortgage and leases: contracts that cannot by terms be performed within one year from date of formation. 1 year from day after formed must be in writing to be enforceable. Whether it is possible not whether it is likely to be finished in one year, if impossible oral contracts are unenforceable. For life- can die within year so not within sof, also case with lending and bankruptcy: collateral contracts, such as promises to answer for the debt or duty of another.
