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Chapter 13

Chapter 13. Proper Form. Must Contracts Be In Any Special Form?. Unless a particular form is required by statue, contracts may be oral or written. How Are Contracts Classified?. 1) Method of Creation 2) Formality 3) Extent of Performance. Terminology

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Chapter 13

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  1. Chapter 13 Proper Form

  2. Must Contracts Be In Any Special Form? • Unless a particular form is required by statue, contracts may be oral or written.

  3. How Are Contracts Classified? • 1) Method of Creation • 2) Formality • 3) Extent of Performance

  4. Terminology Express Contract-the agreement is stated in words-written or spoken. Implied Contract-the agreement is not stated in words. Quasi Contract-the parties are bound as though a valid contract exists even though there is none. Formal Contract-a written contract that must be in some special form to be enforceable. Notary Public-a public officer who formally certifies that the signatures on deeds and other documents are authentic. Simple Contract-a contract that is not formal. Executed Contract-one that has been fully performed. Executory Contract-one that has not been fully performed.

  5. What is the statute of frauds? • Statute of Frauds-law requiring certain contracts to be in writing and signed by the defendant in order to be enforceable.

  6. What Contracts Are Subject To The Statute of Frauds? • 1) Contract for the Sale of Goods for $500 or More • 2) Contract to Sell or Sale of Any Interest in Real Property • 3) Contract That Cannot Be Performed Within One Year After Being Made • 4) Contract to Pay a Debt or to Answer for the Legal Obligation of Another Person • 5) Contract for Which the Consideration is Marriage

  7. What Type of Writing is Required? • An adequate memorandum includes: • date and place of the contract • names of the parties • all material items of the agreement • the signature of the party against whom the contract is to be enforced.

  8. What is the Parol Evidence Rule? • Parol Evidence Rule-the writing itself is the only evidence allowed in court to prove the terms of a written contract if the writing appears to be the complete agreement between the parties.

  9. How are Written Contracts Interpreted? • 1) the writing is evaluated as a single, whole document • 2) on printed forms, added typewritten provisions prevail over contradictory printed provisions, and added handwritten ones prevail over both printed and typewritten ones • 3) if words and figures are not inconsistent, the words prevail • 4) where a trade custom or practice applies, both parties are presumed to know it, and the contract is interpreted in light of that trade custom or practice

  10. Contracts of Adhesion-a contract in which the more powerful party dictates all the important terms.

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