BU231 Chapter Notes - Chapter 9: Time-Sharing, Oral Contract, Miscarriage
Document Summary
Contracts whose terms are part oral and part written. Contracts whose terms are entirely in writing, whether all in one document or spread through several documents, such as a series of letters. In good business practice, some record is kept of even the simplest transaction at the time it is made. When a contract is wholly oral, the first problem for the court is to determine what exactly the parties agreed to. Not all contracts require writing; very often oral contracts are legally enforceable. At common law, once the terms are ascertained, a contract is equally effective whether it is in writing or merely oral. The subject matter of the contract will dictate the exact writing requirements, if any. The oldest piece of legislation dealing with writing. The effect of the statute of frauds is to make certain types of contracts unenforceable unless they are in writing. The courts have tried to limit the application of the statute wherever possible.
