LAW 335 Study Guide Exam 1 Questions with 100% Correct Answers Updated & Verified Missouri State University

Law 335First Test Study GuideChapter 16Writing*No general requirement that contracts be in writing. Oral contracts are legallyenforceable if they can be provenStatute of Frauds*Parliament enacted in 1 677 in an attempt to stop the widespread fraud and perjury.Itrequired written evidence before certain classes of contracts would be enforced.*The statutes, which require certain kinds of contracts to be evidenced in writing, areexceptions to the general rule that oral contracts are enforceable.*Only apply to executor contracts. If oral contract has been completely performed byboth parties, the fact that it did not comply with the S of F would not be grounds forrecission.*Statute is more of a formal rule that a rule of substantive law.*If contract is "within the statue of frauds" if it is required to be in writing6 Contracts Covered by the Statute of Frauds 1.Collateral Contractsin which a person promises to perform the obligation of anotherpersona.Collateral contract - one person (the guarantor) agrees to pay the devt orobligation that second person (the principal debtor) owes to a third person(the obligee) if the principal debtor fails to perform.b.Collateral contract involves at least 3 parties and at least 2 promises toperformc.Guarantor promises to payonly if the principal debtor fails to do soException:A collateral contract can be treated like an original contractif the person promising to pay the debt of another is doingso for personal benefit.(Calledmain purposeorleadingobjectrule) No writing is then required. 2.Interest in Land:A contract that creates or transfers an interest in landa.A contract to sell or mortgage real estate must be evidenced in writing Show Less