ADMS 2610 Chapter Notes - Chapter 10: Notary Public, London Agreement On German External Debts

64 views2 pages

pearimpala756

16 Jun 2012

School

York University

Department

Administrative Studies

Course

ADMS 2610

Professor

Robert Levine

For unlimited access to Textbook Notes, a Class+ subscription is required.

Document Summary

A contract deriving its validity from the form that it takes is referred to as a formal contract/ a covenant. Deed of land ( common law- deed must be in writing, signed , sealed, delivered) Informal or simple contract may be implied, oral or written. e. g. a handshake was rendered a promise binding in this respect. The particular statute that imposed the requirement of writing for certain informal contracts was the statute of frauds- an act passed by the english parliament, introduced in canada. Contracts that cannot be fully performed within one year also must be in writing. All other agreements that do not comply with the statute or equivalent provision is rendered unenforceable by way of courts. i. e. the contract exist but cannot be excercised against the other party in a court of law. Exemptions- claim for recovering deposits: contracts by executors and administrators.

Related Questions

Summarize the ways in which the Uniform Commercial Code (UCC) has changed the common law rules of contracts, especially as they relate to offer and acceptance, consideration, and the writing requirements for contracts under the statute of frauds.

harlequingnat604

Evelyn Vollmer orally agreed to loan Danny Lang 150,000 to make an investment in a local nightclub. The loan was to be repaid from the profits received from the investment. Their agreement was never memorialized in writing, however. Eighteen months later, Lang paid only 15,000 on the loan from the profits from the business. Vollmer filed a lawsuit alleging breach of contract. Using the Information presented in the chapter, answer the following questions.

1 ) Lang claimed that repayment of the loan would "almost certainly" take over a year and that his agreement with Vollmer was therefore unenforceable because it was not in writing. Is he correct? Explain.

2 ) Suppose that a week after Vollmer gave Lang the funds, she sent him an e-mail contain the terms of their loan agreement with her named typed at the bottom. Lang did not respond to the e-mail. Is this sufficient as a writing under the Statute of Frauds?

3 ) Assume that at trial finds that the contract falls within the Statute of Frauds. Further assume that the state in which the court sits recognizes every exception to the statute of Frauds discussed in the chapter. What exception provides Vollmer with the best chance of enforcing the oral contract in this situation?

4 ) Suppose that at trial, Lang never raises that the argument that the partiesâ agreement violates the Statute of Frauds, and the court rules in favor of Vollmer. Then Lang appeals and raises the Statute of Frauds for the first time. What exception can Vollmer now argue?

pucewildebeest226

Chapter 5: Title Transfer Question

A: Why is it important to transfer title to real estate using awritten document--the deed? Answer A:

Question B: What purpose does the general warranty deed serve inthe transfer of title process? Answer B:

Question C: What purpose does a special warranty deed serve inthe transfer of title process? Answer C:

Question D: Under what circumstances would someone who is in themarket for a home consider using the special warranty deed? AnswerD:

Question E(i): Which deed is better (preferred)? Answer E(i):Question E(ii): Which deed provides a greater level of protection?Answer E(ii):

Question F(i): When should a home owner consider the use of aquitclaim deed? Answer F(i): Question F(ii): Under whatcircumstances should an individual seek legal advise to use aquitclaim deed? Answer F(ii):

Chapter 7: Contracts and the Statute of Frauds (Mandatory)Contracts are the essential part of all real estate transactionsand no real estate can be transferred without the use of a writtencontract to prevent fraudulent practices and to be enforceable in acourt of law. All real estate transactions are subject to thestatue of frauds law. The law stems from British common law and wasfirst established in 1677. (This chapterâs primary purpose is thediscussion of a basic generic contract and later on in the coursewe will add the necessary elements for real estatetransactions.)

Question A(i): Please, state the five elements of a genericlegally binding contract. Answer A(i): 1) 2) 3) 4) 5) QuestionA(ii): Please, outline the five elements of a generic legallybinding contract. Answer A(ii):

Question A(iii): Please, briefly discuss the five elements of ageneric legally binding contract. Answer A(iii):

Question B:Which element of the contract do you consider themost important as related to real estate? Answer B:

Question C: Justify your statement in Question B. Answer C:

Question D(i): What is your opinion of the Statue of Frauds?Answer D(i):

Question D(ii): Does the Statue of Frauds slow down the contractprocess? Answer D(ii):

ivoryyak47

ADMS 2610 Chapter Notes - Chapter 10: Notary Public, London Agreement On German External Debts

Document Summary

Get access

Related Documents

ADMS 2610 Lecture Notes - Lecture 7: Contingent Liability, London Agreement On German External Debts, Condition Precedent

ADMS 2610 Lecture : The Law of Contract - Chapter 10 - The Requirement of Form, Writing and Writing

ADMS 2610 Lecture Notes - Lecture 6: Personal Information Protection And Electronic Documents Act, Uptodate, Parol Evidence Rule

Related Questions