requiring certain contracts have written proof of their existence before the contract would be enforceable in a court of law
Statute of Frauds
Contracts (1) that are made in consideration of marriage, (2) that cannot be performed with one year from the date of formation, (3) that involve the sale of an interest in land, (4) that are made by an executor to pay for certain debts, (5) that are made as a guarantee or (6) that involve the sale of goods priced $500 or more must be in writing to be enforceable
MY LEGG
determine what will happen to each party’s assets in the event of a divorce or death after the two parties are married
prenuptial agreement
a court-ordered requirement of payment to be made by a divorced spouse to their former spouse
alimony
the promise to pay alimony to a person is who was not legally one’s spouse but had lived together with the individual in a close relationship similar to that of a spouse
palimony
the person appointed by a deceased person in their will
executor
disallows the introduction of evidence of negotiations that occurred prior to the integration of the party’s final contractual agreement into a signed written contract if the purpose of the evidence of the prior negotiations is to contradict the terms of the signed written contract
parol evidence rule
a modification that occurs after the written agreement is signed
subsequent modification
how the parties have interpreted terms in a contract as evinced by performance under the contract
Course of performance
how the parties have acted in previous dealings with one another
Course of dealing
a court will look to see how those engaged in the type of business involved in the contract dispute define similar terms
usage of trade
occurs when only one party to a contract is mistaken
unilateral mistake
occurs when both parties to a contract are mistaken
bilateral mistake
occurs when a party to a contract makes an intentional misstatement of a fact with an intent to deceive, upon which the other party justifiably relies and suffers damages because of their reliance
Fraudulent misrepresentation
occurs when a party makes a material representation that turns out to be false but does not do so intentionally
innocent misrepresentation
occurs when a party breaches their duty of care toward another by stating something that is untrue
negligent misrepresentation
the process by which a seller overstates or exaggerates the value or performance of a good
puffing
“buyer beware”
caveat emptor
a party to a contract is unfairly influenced (persuaded) and agrees to contractual terms that the party would not normally consent to absent the undue amount of influence
Undue influence
- The threat of physical harm or imprisonment
- The threat of wrongfully taking a person’s property
- The threat of economic hardship
constitute duress under contract law
- wrongful behavior
- that caused financial hardship
- the damaged party had no other alternatives.
claiming economic duress must prove
appropriate where a court wishes to legally enforce a promise even though contract law requirements have not been met
Promissory estoppel
may lead a court to believe evidence exists that may
justify enforcement of an oral agreement subject to the Statute of Frauds
Evidence of partial performance
