Download Writing - Bussiness Law - Lecture Slides and more Slides Commercial Law in PDF only on Docsity! Writing P A E T R H C 16 “A verbal contract isn’t worth the paper it’s written on.” Samuel Goldwyn, quoted in The Great Goldwyn (Alva Johnson, 1937) Docsity.com CONTRACT LAW • Introduction to Contracts • The Agreement: Offer • The Agreement: Acceptance • Consideration • Reality of Consent • Capacity to Contract • Illegality • Writing • Rights of Third Parties • Performance & Remedies Docsity.com • the Statute of Frauds was enacted in 17th Century England to prevent fraud by requiring written evidence before enforcing certain types of contracts • American states adopted similar statutes THE STATUTE OF FRAUDS House of Lords, England Docsity.com • 1. Collateral contracts • 2. Contracts for real estate • 3. Contracts for more than one year • 4. Contracts for sale of goods over $500 • 5. Executor’s promise • 6. Marriage as consideration Covered Contracts Docsity.com • a person (guarantor) promises to perform an obligation of another person (principal debtor) to a third person (obligee) • unless “main purpose” or “leading object” is to obtain personal economic advantage • Wintersport Ltd. v. Millionaire.com, Inc. COLLATERAL CONTRACTS Docsity.com • UCC 2-201: contracts for the sale of goods for a price of $500 or more • includes agreements to modify existing sales contracts if contract as modified is for a price of $500 or more [UCC 2–209(3)] SALE OF GOODS CONTRACTS Docsity.com • need not be made at the same time the contract comes into being • can be multiple papers, receipts • contents: (a) identity of parties, (b) subject matter identified with reasonable certainty, and (c) signed by the party to be charged WRITING REQUIREMENT Docsity.com UCC WRITING REQUIREMENT • writing must be sufficient to indicate a contract for sale has been made between the parties, but must indicate the quantity of goods to be sold (i.e. sales receipt) • sufficient writing includes (a) confirmatory memorandum between merchants, (b) part payment or part delivery, (c) admission in pleadings or court, and (d) specially manufactured goods Docsity.com
