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Statute of Frauds
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Flashcards
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Agency agreements where an agent is authorized to make decisions that legally bind a principal
The Statute of Frauds may apply if the agency relationship involves actions that require a written authorization, such as contracts that fall under the statute.
Construction contracts for a building project
The Statute of Frauds applies if the construction cannot be completed within one year, necessitating a written contract.
Loan agreements that exceed a financial institution's threshold for unwritten agreements
The Statute of Frauds applies as most large loan agreements require written documentation to meet legal and regulatory standards.
Agreements for the sale of a business at a price above a certain threshold
The Statute of Frauds applies due to the involvement of transactional amounts typically requiring written documentation.
Agreements to pay commission for the sale of a business
The Statute of Frauds applies because agreements for brokerage commissions generally need to be in writing to be enforceable.
Contracts for the creation of a will
The Statute of Frauds applies because contracts to make a will or devise property have to be in writing to be legally binding.
Long-term hotel accommodation contracts
The Statute of Frauds may apply if the accommodation is for longer than one year, requiring the agreement to be in writing.
An agreement to guarantee a business loan
The Statute of Frauds applies because this is a surety arrangement, requiring a written agreement for enforceability.
Contracts for the sale of goods over
The Statute of Frauds applies as it requires sales of goods priced at
Agreements for the sale of patents or copyrights
The Statute of Frauds applies as transfers of intellectual property rights typically require written agreements.
Agreement to work for someone for more than one year
The Statute of Frauds applies if the employment term exceeds one year, in which case the contract must be in writing.
Lease agreement for longer than one year
The Statute of Frauds applies as leases exceeding one year need to be in writing to be legally binding.
Exclusive distribution agreements for a product
The Statute of Frauds may apply if the terms cannot be performed within one year, thereby requiring a written contract.
Partnership agreements that involve substantial investment
The Statute of Frauds may apply if the partnership cannot be dissolved within one year, necessitating a written agreement.
A service contract that cannot be performed within one year
The Statute of Frauds applies because contracts that cannot be completed within one year from their making must be written.
Agreements for lifelong support in exchange for property
The Statute of Frauds applies as such contracts must be in writing due to the lifetime obligation involved.
Marriage contract involving financial consideration
The Statute of Frauds applies since prenuptial agreements and other marriage-related contracts with financial terms must be in writing.
Agreement to purchase real estate
The Statute of Frauds applies because contracts for the sale of real estate must be in writing to be enforceable.
Agreements to purchase stocks, bonds, or other securities
The Statute of Frauds may not specifically apply unless the transaction involves a type of security that requires a written transfer or if the broker requires a written agreement.
Agreement to pay someone else's debt
The Statute of Frauds applies because promises to answer for the debt of another person require a written agreement to be enforceable.
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