BMGT380 Chapter 16 Notes

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Department
Business and Management
Course
BMGT 380
Professor
William Mc Clenahan
Semester
Summer

Description
Chapter16EventhoughasageneralrulethatcontractsdonthavetobeinwritingitssmarttoalwaysputthecontractinwritingThestatuteoffraudsrequirementthatcertainkindsofcontractshavetobeinwritinginordertobeenforceableifitsnotinwritingitisaviolationWhatistheeffectoftheviolationIfanagreementthatwassupposedtobeinwritingbutwasorallycontractedoIfoneofthepartieshavefullyperformedneitherpartycantrytogetoutofthecontractbyarguingthatitwasunenforceablebecauseitwasnotinwritingoIftheagreementwasnotyetfullyperformedeithersidecantrytogetoutofitonthebasisthatitisunenforceablebecauseitwassupposedtobeinwritingbutwasnotContractsthatmustbeinwritinginOrdertobeEnforceable1AcollateralcontractinwhichpersonApromisestoperformtheobligationofpersonBifpersonBfailstoperformoOnepersontheguarantoragreestopaythedebtorobligationthatasecondpersontheprincipaldebtorowestoathirdpersontheobligeeiftheprincipaldebtfailstoperform2AcontractforthesaleintheinterestofrealestateoDoesaleasehavetobeinwritingGeneralruleInordertobeenforceableithastobeinwritingonlyiftheyareforoneyearormore3Abilateralcontractthatcannotbeperformedwithinayea
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