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Exam #2 - Chapter 18
Contracts in writing
9
Accounting
Undergraduate 3
10/09/2012

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Cards

Term
Three purposes for the Statute of Frauds
Definition
o Attempts to ease contractual negotiations by requiring sufficiently reliable evidence to prove the existence and specific terms of a contract
o Prevents unreliable oral evidence from interfering with a contractual relationship
o Prevents parties from entering into contracts with which they do not agree
Term
Equal dignity rule
Definition
contracts that normally need writing must be in writing even if negotiated by an agent
Term
Written contract requires 3 elements
Definition
o Subject matter of the agreement
o Consideration (if any)
o Particular terms
Term
Admission (in terms of contract termination)
Definition
A statement made in court, under oath, in which a party against whom charges have been brought admits that an oral contract existed, even thought the contract was required to be in writing
Term
Partial performance
Definition
Partial performance amounts to the proof of a contract
Term
Promissory estoppel
Definition
Legal enforcement of an otherwise unenforceable contract due to a party’s detrimental reliance on the contract
Term
Parol evidence rule
Definition
Oral evidence of an agreement is inadmissible if it is made before or at the same time as a writing that the parties intend to be the complete and final version of their agreement
Term
Merger clause
Definition
attempt to signal that the written contract is intended to be the final and complete statement of their agreement
Term
Integrated contracts
Definition
written contracts intended to be the complete and final representation of the parties’ agreement
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