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Editing Contracts/Statute of frauds
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{{:Contracts/TOC | {{:Contracts/TOC}} | ||
The '''statute of frauds''' refers to the requirement that certain kinds of [[contract]]s be memorialized in writing, signed by the party to be charged, with sufficient content to evidence the contract.<ref>{{cite journal|last1=Drachsler|first1=Leo M.|title=The British Statute of Frauds - British Reform and American Experience|journal=Section of International and Comparative Law Bulletin|date=1958|volume=3|issue=24}}</ref><ref>The list of contracts that fall under a traditional statute of frauds can be remembered by using the [[mnemonic]] "MY LEGS": '''M'''arriage, contracts for more than one '''Y'''ear, '''L'''and, '''E'''xecutor (or '''E'''state), '''G'''oods ($500.00 or more), '''S'''urety.</ref> | The '''statute of frauds''' refers to the requirement that certain kinds of [[contract]]s be memorialized in writing, signed by the party to be charged, with sufficient content to evidence the contract.<ref>{{cite journal|last1=Drachsler|first1=Leo M.|title=The British Statute of Frauds - British Reform and American Experience|journal=Section of International and Comparative Law Bulletin|date=1958|volume=3|issue=24}}</ref><ref>The list of contracts that fall under a traditional statute of frauds can be remembered by using the [[mnemonic]] "MY LEGS": '''M'''arriage, contracts for more than one '''Y'''ear, '''L'''and, '''E'''xecutor (or '''E'''state), '''G'''oods ($500.00 or more), '''S'''urety.</ref> | ||
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Traditionally, the statute of frauds requires a signed writing in the following 6 circumstances: | Traditionally, the statute of frauds requires a signed writing in the following 6 circumstances: | ||
:* Contracts in [[consideration]] of [[ | :* Contracts in [[consideration]] of [[marriage]] (<span style="background:yellow">M</span>). This provision covers prenuptial agreements. | ||
:* Contracts that cannot be performed within | :* Contracts that cannot be performed within one Year (<span style="background:yellow">Y</span>). However, contracts of indefinite duration do not fall under the statute of frauds regardless of how long the performance actually takes. | ||
:* Contracts for the transfer of an interest in land (<span style="background:yellow">L</span>). This applies not only to a contract to sell land but also to any other contract in which land or an interest in it is disposed, such as the grant of a mortgage or an easement. | :* Contracts for the transfer of an interest in land (<span style="background:yellow">L</span>). This applies not only to a contract to sell land but also to any other contract in which land or an interest in it is disposed, such as the grant of a mortgage or an easement. | ||
:* Contracts by the [[executor]] (<span style="background:yellow">E</span>) of a [[will (law)|will]] to pay a debt of the estate with his own money. | :* Contracts by the [[executor]] (<span style="background:yellow">E</span>) of a [[will (law)|will]] to pay a debt of the estate with his own money. | ||
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With respect to [[security (finance)|securities]] transactions, the Uniform Commercial Code has abrogated the statute of frauds.<ref>{{UCC|8|319}}</ref> The drafters of the most recent revision commented that "with the increasing use of electronic means of communication, the statute of frauds is unsuited to the realities of the securities business." | With respect to [[security (finance)|securities]] transactions, the Uniform Commercial Code has abrogated the statute of frauds.<ref>{{UCC|8|319}}</ref> The drafters of the most recent revision commented that "with the increasing use of electronic means of communication, the statute of frauds is unsuited to the realities of the securities business." | ||
==See also== | ==See also== |