BUL 3130 Chapter Notes - Chapter 18: Prenuptial Agreement, Oral Contract, Parol Evidence Rule
Document Summary
Chapter 18: contract in writing: disputes are easier to settle when the terms are solidified in writing, there is (cid:374)o federal legislatio(cid:374) e(cid:374)titled (cid:862)stature of frauds(cid:863), rather the statute e(cid:454)ists as legislation at the state level. Contracts whose terms prevent possible performance within one year. Contracts for one party to pay the debt of another if the initial party fails to pay. Contracts related to an interest in land: contracts whose performance, based on the terms of the contract, could not possibly occur within one year fall within the stature of frauds and therefore must be in writing. The one-year period begins the day after the contract is created, not when it is scheduled to begin. Considers the possibility of completing the contract in one year. Prenuptial agreement- an agreement two parties enter into before marriage that (cid:272)learl(cid:455) states the ow(cid:374)ership rights ea(cid:272)h part(cid:455) e(cid:374)jo(cid:455)s i(cid:374) the other part(cid:455)"s property; writing is required to establish enforceability.
