BU231 Chapter Notes - Chapter 9: Oral Contract, Miscarriage, Time-Sharing
Document Summary
The effect of the statute of frauds is to make certain types of contracts unenforceable unless they are in writing. Types of contract affected by the statute of frauds: a promise to answer for the debt, default, or miscarriage of another: Promise of guarantee: a conditional promise to pay only if the debtor defaults: creditor must look to debtor first, if debtor defaults, creditor can claim payment. Promise of indemnity: a promise by a third party to be primarily liable to pay the debt from guarantor: enforceable without writing. Must be made in writing to be enforceable. Miscarriage: an injury caused by the tort of another person. Pay damages for loss caused by another person. Must be made in writing to be enforceable: an agreement made in consideration of marriages, a contract concerning an interest in land. Agreements to permit taking water from a well, leash any land, house or other building are within the statute.