About This Chapter
Contracts: Statute of Frauds - Chapter Summary and Learning Objectives
As you probably already know, the law is a complex subject. Things only get more complex when you add in special rules that dictate requirements for specific areas of law. In business law, this includes things like the statute of frauds, which is the main focus of this chapter. The statute of frauds applies to contracts. It only applies to certain types of contracts, though, and, as you may have guessed, there are exceptions to this rule. We try to make the details of the statute of frauds simple to understand in these lessons. You'll study the definition and purpose of this statute. Lessons will cover things like specific contracts that fall under this statute and exceptions to the statute. Other things you will learn include:
- The statute's applications to one year contracts
- The role of guarantors in contracts
- Contracts for the sale of goods
- Promissory estoppel
|Statute of Frauds Contracts: Definition & Purpose||Examine the purpose of the statute of frauds and the writing requirement.|
|Contracts that Fall Within the Statute of Frauds||Discover details of the types of contracts that fit under this statute, including marriage, year, land, estate, guarantor and sale.|
|Statute of Frauds: One Year Contracts||Explore what happens with one year contracts.|
|Contracts for Sale of Land: Definition & Explanation||Analyze contracts for sale of land.|
|Guarantors in Contracts: Definition & Explanation||Take a look at the role of guarantors in contracts.|
|Contracts for Sale of Goods: Definition & Explanation||Study contracts for the sale of goods.|
|Exceptions to Statute of Frauds||Discuss the exceptions, including terms like admission, performance and promissory estoppel.|
|Promissory Estoppel Definition, Elements & Examples||Find out about the elements of promissory estoppel.|
1. Statute of Frauds Contracts: Definition & Purpose
A statute of frauds is a state law that applies to certain oral contracts. Generally speaking, a statute of frauds requires that certain contracts be in writing and signed by the parties. This lesson explains what these statutes are, what these statutes require and why we have these statutes.
2. Contracts that Fall Within the Statute of Frauds
A statute of frauds is a state law that only applies to particular types of oral contracts. In general, a statute of frauds requires that certain types of oral contracts be written and signed. This lesson explores the types of contracts that typically fall within a statute of frauds.
3. Statute of Frauds: One Year Contracts
A statute of frauds is a law that only applies to particular types of oral contracts. In general, a statute of frauds requires that certain types of oral contracts be written and signed. This lesson explores one type of contract that is covered by a statute of frauds: contracts that can't be performed within one year.
4. Statute of Frauds Contracts: Contracts for the Sale of Land
Some oral contracts aren't enforceable unless the contract is written and signed. These general requirements are part of a statute of frauds. This lesson explores one type of contract that is covered by a statute of frauds: contracts that involve the sale or transfer of land.
5. Statute of Frauds Contracts: Guarantors
A statute of frauds will typically cover those oral contracts involving a guarantor. This means that certain requirements must be met before these contracts can be enforced. This lesson explores guarantor contracts and the typical statute of frauds.
6. Contracts for Sale of Goods: Definition & Explanation
A sale of goods worth over $500 is usually covered by a state's statute of frauds. This means that certain requirements must be met before these contracts can be enforced. This lesson explores contracts for the sale of goods and a typical statute of frauds.
7. Exceptions to Statute of Frauds
A statute of frauds is a state law that covers certain types of oral contracts. This means that certain requirements must be met before these contracts can be enforced. However, there are some exceptions to a statute of frauds. This lesson explores the typical statute of frauds and some common exceptions.
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Other chapters within the CLEP Introductory Business Law: Study Guide & Test Prep course
- History of American Law
- Sources of Law
- Constitutional Law
- American Legal Systems
- Legal Procedures
- Contract Law Basics
- Capacity in Contract Law
- Contract Law and Third Party Beneficiaries
- Contracts: Assignment and Delegation
- Contracts: Scopes and Meanings
- Contracts: Breach of Contract
- Contracts: Discharge of Contracts
- The Legal Environment
- Securities and Antitrust Law
- Property Law
- Creditors' Rights
- International Business Law
- Product Liability and Consumer Protection
- Types of Business Organizations
- Torts in Business Law
- The Role of Agency in Business Law
- Sales & the Law
- CLEP Introductory Business Law Flashcards