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Contracts/Statute of frauds: Difference between revisions
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From | From English [[statutory law]] (29 Car. II c. 3) passed in [[1677]], the requirement that certain kinds of transactions, typically [[contract|contractual obligations]], be [[evidence]]d by a writing signed by the party against whom inforcement is sought, or by her authorized agent. Such writing is 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: | 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 | ||
* Contracts for the sale of land | * Contracts for the sale of land | ||
* Contracts by the executor of a [[will (law)|will]] | * Contracts by the executor of a [[will (law)|will]] | ||
* 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. | * Contracts in which one party provides surety (acts as guarantor) for another party's debts. | ||
Law students often remember these circumstances by the [[mnemonic]] "MYLEGS" (marriage, year, land, | Law students often remember these circumstances by the [[mnemonic]] "MYLEGS" (marriage, year, land, executor, goods, surety). | ||
[[Category:Contract law]] | [[Category:Contract law]] | ||
Revision as of 02:03, October 13, 2004
From 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 is 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
- Under the Uniform Commercial Code, contracts for the sale of goods worth more than $500
- Contracts in which one party provides surety (acts as guarantor) for another party's debts.
Law students often remember these circumstances by the mnemonic "MYLEGS" (marriage, year, land, executor, goods, surety).
