How to Analyze The Statute of Frauds on a Contracts Essay

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How to Analyze The Statute of Frauds on a Contracts Essay
STATUTE OF FRAUDS
A contract is unenforceable if the contract: (1) triggers the statute of frauds; and (2) fails to satisfy the statute of frauds.
CONTRACTS THAT TRIGGER THE STATUTE OF FRAUDS
The following contracts trigger the statute of frauds ("MSOUR" is a commonly used acronym):
(M) Marriage
A contract made in consideration of marriage triggers the statute of frauds.
(S) Suretyship
A suretyship contract generally triggers the statute of frauds. A suretyship contract is a three-party agreement where the surety promises an obligee to pay the principal's debt if the principal fails to pay the obligee.
However, If the surety's main purpose in agreeing to pay the principal's debt is for the surety's own economic advantage, then the statute of frauds is NOT triggered.
(O) One-Year Provision
A contract that by its terms cannot be performed within one year from the day after its formation triggers the statute of frauds.
The one-year provision is interpreted very narrowly - there must be no possible way that the contract could be performed within one year (e.g., A hires B to teach him contract law for the rest of his life. Since A could die tomorrow, the statute of frauds is not triggered under the one-year provision.).
(U) UCC Goods Contracts for $500 or More
A contract for the purchase or sale of goods for a price of $500 or more triggers the statute of frauds.
(R) Real Estate Contracts
A contract for the transfer or receipt of an interest in real property triggers the statute of frauds.
SATISFACTION OF THE STATUTE OF FRAUDS
Once it is determined that the statute of frauds is triggered, the next issue is whether the statute of frauds has been satisfied. There are two main ways to satisfy the statute of frauds: (1) with a signed writing; (2) and by performance.
SATISFACTION BY A WRITING
A writing that is signed by the party against whom enforcement is sought will satisfy the statute of frauds if the writing contains the essential terms of the deal.
Under the common law, the essential terms include: parties, subject matter, quantity, and price. Under the UCC, the essential terms include: parties, subject matter, and quantity.
SATISFACTION BY PERFORMANCE
Performance of oral agreements can satisfy the statute of frauds under the following circumstances.
Common Law Services Contracts
Under the common law, FULL performance of a services contract by either side satisfies the statute of frauds. Part performance does NOT satisfy the statute of frauds.
UCC Goods Contracts
Under the UCC, part performance of a goods contract can satisfy the statute of frauds BUT ONLY for the quantity of goods that are delivered and accepted.
However, there is an exception for custom-made goods. Making a substantial beginning toward the manufacture of custom-made goods will satisfy the statute of frauds if: (1) the goods are specially manufactured for the buyer; and (2) are not suitable for sale to others in the ordinary course of the seller's business. (UCC § 2-201(3)(a)).
Real Estate Contracts
In most jurisdictions, performance of a real estate contract can satisfy the statute of frauds if any two of the following three are met: (1) the buyer takes possession; (2) the buyer makes payment in full or part; AND/OR (3) the buyer makes substantial improvements or repairs to the land.
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[@mahnoorkhan4645]

The best videos I've ever come across! Thank you! Can you add videos on promissory estoppel, policing the contract (mistake, impossibility ect.), parol evidence, breach, and remedies?! Would be extremely helpful!!

[@studicata]

All of these topics and more are covered in great detail inside our online study portal, LEAP 👍 (www.studicata.com/leap). To see exactly what is covered in each lesson, you can refer to the "What's Included" section on the page linked above. Thanks for tuning in!

[@michaelyarandi5614]

I agree

[@DrSamanthaP]

Our contracts study coach gave us another acronym for the statue of frauds agreements: "MYLEGS" M= Marriage Y=Year or longer to perform contract L = Land interest (real estate) E = Executor /Administrator to pay estate debts G= Goods in excess of $500 S= Surety, promise to pay the debts of another HOWEVER... your explanation makes it SO MUCH EASIER to understand the concepts and how they apply! I've been STRUGGLING! LOL! Thanks so much

[@studicata]

Awesome, happy to help! 👍

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[@kristadavis5183]

Know what? You helped me KILL this exam. How are you NOT all over the internet teaching?! Simple and concise! Thank you, sir!!

[@studicata]

Awesome, glad it went well! Thank YOU for the support. 💪

[@rhondagreen]

I just watched all eight contracts videos in preparation for my final exam. You are awesome! Thanks for the videos!

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[@studicata]

Good question 🤔. Lol. Thank you for the support!

[@killjoy751]

Just watched all of your videos in the contracts section. Simply amazing! Easily the best legal content on KZbin by a wide margin. Right up there with Crash Course and the various PBS channels for other subjects. Thank you for your videos and I hope you continue. Also I second the idea of performance and remedies videos.

[@ppaax100]

You made a difficult concept easy to follow. Thank you!

[@chrisjoseph1306]

Man I was having so many issues with this in my contracts class. Now im so confident after this video. Much appreciated

[@MariaMoreno-ub6cn]

Same!

[@neilgoodman2885]

You give me knowledge, you give me the power to live free as an ordinary citizen. With enormous gratefulness, Yada, Yada, Yada.

[@grantellsworth1538]

This was amazing. I've been trying to get a REAL handle on SOF since it was discussed in my contracts class. We have our final a week from tomorrow and this video just saved me in my understanding of SOF THANK YOU

[@alexandracirlos6915]

Your videos have helped so much with finals, thank you!!!!

[@studicata]

No problem, happy to help!

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[@studicata]

Of course, I'm always happy to help however I can!

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This is great! Thank you

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[@ss-qe7fb]

you have done an excellent job explaining

[@lotusgrl444]

excellent video that really hones in on the concept but the intonation🤯

[@j-lynn9180]

Super helpful! Thank you!

[@studicata]

No problem, happy to help!

[@SophiaFisher]

Love it! Thank you so much. It would be great if you could also reference restatements or UCC number for rules.

[@RenaldoEpps]

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[@LizzyOzelle]

Thank You! You are heaven sent!

[@studicata]

Sure-happy to help!

[@mikedixon7413]

This is the man of the year right here.

[@studicata]

Thank you for your support!

[@sweetbabimeg22]

I'm honestly in love with you. Thank you sooooooooooooooooo much for making contracts easy!!!

[@studicata]

Sure-happy to help! Thanks for tuning in.

[@bobbyg2241]

You know what makes contracts waaaay easier for women??? CHILD SUPPORT!!!

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you are such a king

[@ChadWardenPS3]

this guy's better than law school professors lmao

[@allyyyyyyp]

Honestly this was better than the like 4 lectures my prof did on S.O.F. lmao. Doing God's work out here.

[@studicata]

Awesome-happy to help!

[@tateman26]

What about the merchant confirmatory memo?

[@thefearstrategist8195]

Thanks for the simplicity. I thought Executors or Administrators of estate is among the triggers?

[@studicata]

Yes! Creditors of the estate have priority to the assets of the estate over beneficiaries. The executor or administrator of a will is responsible to use the estate’s assets to pay off the estate’s debts to creditors before distributing any assets to beneficiaries. However, if an executor or administrator of a will promises to personally pay a debt that the decedent owes to a creditor, this will trigger the statute of frauds. This is very similar to a suretyship contract. However, I would not expect to see this tested often on a contract law essay due to the significant overlap between two entirely different subjects of law (contract law vs. wills, trusts, and estates).

[@thefearstrategist8195]

Awesome. Thanks

[@martydimichele7498]

Thank you very much. My contracts professor is horrible.

[@harleyd9857]

What happened to My Legs Acronym? Lol

[@studicata]

Haha. MYLEGS is great, too! Whatever floats your boat. 🚢

[@deidrepaez5263]

Ha ha! MYLEGS is the one I’m familiar with!! Lol

[@DontDropYet]

Can you please make part evidence rule video

[@librasunmasterbuilder9602]

In the case of a surety agreement who is the enforcement directed to out of the 3 parties(S+O+P)? or is the enforcement directed to 2 of the 3 parties. and what happens if the obligee sells their interest to another party is it still enforceable. and is the surety ever exempted from enforcement?

[@TaeKwonDoCZ1]

If the principal does not pay their debt, the obligee will be entitled to enforce the suretyship agreement, which means that, in that circumstance, only the surety will be bound to extinguish the principal's debt, otherwise the suretyship would be pointless.

[@TaeKwonDoCZ1]

(It is my mere opinion, as a foreign lawyer and as a future U.S. Bar Exam taker.) Your videos are truly helpful! Many thanks.

[@frankbertola3662]

If a bank (ANZ) created a contract (mortgage) and within 5 weeks (35days) declared a default would this be a classic case of statute of frauds.

[@deidrepaez5263]

What if a buyer reaches out to a seller that manufactures guitars and the buyer wants to purchase his guitars next year for his online business that is not yet open. The seller tells the buyer that he may be closing his business next year but likes the buyers idea and says, “it a deals” and if he’s still in business he will make the guitars. Is there a contract? I want to say yes but then no, since the seller is not sure that he will still be in business.

[@sherry4914]

You should do Parol Evidence :)

[@studicata]

Yes, will do! I'm going to come back to contracts and cover some more areas in performance and remedies.

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Studicata that would be a lifesaver! You have a real knack for teaching.

[@WarrenBarreiro]

You guys are so goated - 1L

[@ss-qe7fb]

question please, my ex promised me $40K if I quick claim our house( both of our names) to her, does this trigger Statue of Fraud" interest in real estate??? Please

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You're like Eli the Computer guy, but the smaller brother who pickup law.

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Your videos are awesome. Please do property. I'll pay if necessary!

[@studicata]

We'll get there eventually!

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Heaven sent, even after 2 years.

[@studicata]

Awesome, glad it was helpful!

[@jonathanlindsey7623]

As it pertains to the first amendment and the AMA

[@csp8429]

Dude! Great vid! (Studicata, your /leap link is dead)

[@ss-qe7fb]

by the way it was a verbal contract

[@TheIrishdriven]

Cancelled checks that stated in notes our half of mortgage proof we all applied for mortgage but we got a better rate if we stepped aside agreed o split costs and would place property existing trust with us having a life tenancy interest won twice when partner sought to declare us tenants them all oal records of both trials vanished thy appeals and tbas remanded for nw trial since no record no roof of complete purjured testimony on 3rd trial and we lost everything

[@misayazhang4162]

The exam will be tomorrow. Why should Chinese schools study UCC....god

[@bobbyg2241]

AM I THE ONLY ONE HERE FOR CHILD SUPPORT???

[@srm946]

No I'm here because marine recruiter