Question

Explain when a contract has to be in writing.

2. Duress B. A beneficiary that cannot enforce the contract between original parties. _3. Statute of frauds C. Knowledge 4. Parol Evidence Rule D. A transfer of rights to another. 5. Condition subsequent E. Being deceived as to the nature of the contract being signed. 6. Condition precedent dent F. A substituted contract involving two parties compromising their dispute. 7. Novation G. An equitable remedy used to enforce contract. H. A third party beneficiary who receives the benefit of a contract and may enforce it. 8. Accord and satisfaction 9. Fraud in fact 1. Damages used to punish the defendant. __10. Fraud in inducement J. Written law that says certain types of contracts have to be in writing. _11. Assignment K. Bars the admission of oral evidence to explain a contract terms. n "obligation triggering event" in a contract. _12. Incidental beneficiary 13. Donee beneficiary M. The acronym for those type of contracts that have to be in writing. 14. Specific performance D N . A stated sum of damages in a contract. 15. Punitive damages . The happening or non happening of an event in a contract that ends the contract. 16. Compensatory damages P. The promise to answer for the debt of another. _17. Liquidated damages Q. Deceiving a party with the intent that they rely it and suffering harm. 18. suretyship R. Signing a contract under threat of physical and/or economic harm. 19. MYLEGS S. A mistake by one party to a contract. 20. Scienter Hot T. Returning the non breaching party to position as if no breach had occurred. WS

Answer 1

Meaning of Statute of Frauds is written laws that says certain kinds of contracts to be set out in writing in order for them to be enforceable.

These types of contracts usually include:

01. Contracts for the sale or transfer of an interest in land.

02. A contract that cannot be performed within one year of the making (in other words, a long-term contract like a mortgage).

03. A contract for the sale of goods valued at $500 or more(limit may vary in different state).

04. A contract to guarantee the debt or duty of another.

05. A contract of an executor or administrator to answer for a decedent's debt.

06. A contract made in consideration of marriage a prenuptial agreement.

In short many of business contracts is to be written in form. Because business person are so busy and it May possible to forget by him. And for enforcement of contact these should be in writing.

Please provide your valuable feedback.