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Contracts/Statute of frauds: Difference between revisions
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* Under the [[Uniform Commercial Code]], contracts for the sale of goods worth more than $500. | * Under the [[Uniform Commercial Code]], contracts for the sale of goods worth more than $500. | ||
Law students often remember these circumstances by the mnemonic "MYLEGS" (marriage, year, land, surety, executor, | Law students often remember these circumstances by the [[mnemonic device]] "MYLEGS" (marriage, year, land, surety, executor, guarantor sale). |
Revision as of 00:23, February 6, 2003
From 17th century English statutory law, the requirement that certain kinds of transactions, typically contractual obligations, be agreed upon in writing as a precondition to suing for breach of contract (or other obligation).
Traditionally, the statute of frauds requires a signed writing in the following circumstances:
- Contracts in consideration of marriage
- Contracts which cannot be performed within one year
- Contracts for the sale of land
- Contracts by the executor of a will
- Contracts in which one party acts as guarantor for another party's debts
- Under the Uniform Commercial Code, contracts for the sale of goods worth more than $500.
Law students often remember these circumstances by the mnemonic device "MYLEGS" (marriage, year, land, surety, executor, guarantor sale).