Term
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Definition
| a state statute that requires certain types of contracts to be in writing |
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Term
1) contracts involving interests in real property
2) contracts for the sale of goods for $500 or more
3)contracts for the lease of goods with payments of $1000 or more
4)contracts that by their own terms cannot possibly be performed within one year
5)collateral contracts in which a person promises to answer for the debt or duty of another.
6) promises made in consideration of marriage
7) real estate agents contracts
8)promises to write a will
9)finder's fee contracts
10) see book |
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Definition
| Name 3 types of contracts that are required by the statute of frauds to be in writing |
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Term
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Definition
| the land itself, as well as buildings, trees, soil, minerals, timber, plants, crops, fixtures and other things permanently affixed to the land or building. |
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Term
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Definition
| an interest in real property given to a lender as security for the repayment of a loan. |
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Term
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Definition
| the transfer of the right to use real property for a specified period of time. |
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Term
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Definition
| an interest in real property for a person's lifetime; upon that person's death, the interest will be transferred to another party. |
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Definition
| a right to use someone else's land without owning or leasing it. |
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Term
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Definition
| a rule which states that an executory contract that cannot be performed by its own terms within one year of its formation must be in writing. |
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Term
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Definition
| a promise in which one person agrees to answer for the debts or duties of another person. It is a contract between the guarantor and the original creditor. |
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Term
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Definition
| a person who agrees to pay a debt if the primary debtor does not |
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Term
| main purpose exception (also known as the lead object exception) |
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Definition
| an exception to the SoF which states that if the main purpose of a transaction and an oral collateral contract is to provide pecuniary (relating to money) benefit to the guarantor, the collateral contract coes not have to be in writing to be enforced. |
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Term
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Definition
| a rule which says that agents' contracts to sell property covered by the SoF must be in writing to be enforceable |
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Term
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Definition
| an equitable doctrine that allows the court to order an oral contract for the sale of land or transfer of another interest in real property to be specifically performed and performance is necessary to avoid injustice. |
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Term
| integration of several writings |
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Definition
| the combination of several writings to form a single contract |
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Term
| incorporation by reference |
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Definition
| integration made by express reference in one document that refers to and incorporates another document within it |
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Term
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Definition
| any oral or written words outside the four corners of a written contract |
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Term
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Definition
| a rule that says if a written contract is a complete and final statement of the parties' agreement, any prior or contemporaneous oral or written statements that alter, contradict, or are in addition to the terms of the written contract are inadmissible in court regarding a dispute over the contract. There are several exceptions to this rule. |
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Term
| merger clause (integration clause) |
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Definition
| a clause in a contract that stipulates that it is a complete integration and the exclusive expression of the parties' agreement. |
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