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Contracts/Statute of frauds: Difference between revisions
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From 17th century English statutory law, the requirement that certain kinds of transactions, typically contractual obligations, be | From 17th century English [[statutory law]], (29 Car. II c. 3) passed in [[1677]] the requirement that certain kinds of transactions, typically contractual obligations, be [[evidence]]d by a writing signed by the party against whom inforcement is sought, or by her authorized agent. Such writing being a precondition to maintaining a suit for breach of contract (or other [[obligation]]). It is more properly called the '''Statute of Frauds and Perjuries''' | ||
Traditionally, the statute of frauds requires a signed | Traditionally, the statute of frauds requires a writing signed by the party against whom enforcement is sought in the following circumstances: | ||
* Contracts in [[consideration]] of marriage | * Contracts in [[consideration]] of marriage | ||
* Contracts which cannot be performed within one year | * Contracts which cannot be performed within one year | ||
Revision as of 08:46, May 4, 2003
From 17th century English statutory law, (29 Car. II c. 3) passed in 1677 the requirement that certain kinds of transactions, typically contractual obligations, be evidenced by a writing signed by the party against whom inforcement is sought, or by her authorized agent. Such writing being a precondition to maintaining a suit for breach of contract (or other obligation). It is more properly called the Statute of Frauds and Perjuries
Traditionally, the statute of frauds requires a writing signed by the party against whom enforcement is sought 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 "MYLEGS" (marriage, year, land, surety, executor, guarantor sale).
