Buslaw12-Form of Agreement

8/9/2019 Buslaw12-Form of Agreement

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1. Identify the types of agreements that mustbe in writing.

2. List the essential information that shouldbe included in a written memorandum.

3. Explain the parol evidence rule.

FORM OF THE

AGREEMENT

Chapter Outcomes:

Chapter 12


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4. Compare the best evidence rule with theequal dignities rule.

5. Illustrate various methods of writing a

signature.

6. Discuss the use of witnesses,

acknowledgments, the seal, and recordings.

FORM OF THE

AGREEMENT

Chapter 12

Chapter Outcomes (continued):


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Oral Contracts

1212--11

Oral contracts are contracts based

upon implied or express statementsthat are not supported by writing.


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The Statute of Frauds

Contracts that must be in WritingDefinition of a Writing

1212--22


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LawLINKS

Chapter 12Chapter 12

Is an e-mail signature acceptable? Be sure

to read the article Contracts by Computer

at

http://www.dci.com/news/1998/jul/23law.

htm


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1212--1 & 21 & 2

1. All contracts must be in writing.

Topic Quiz

FALSE

Answer the following true/false questions:

There are six specific kinds that must be

in writing.


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1212--1 & 21 & 2

2. The Statute of Frauds is the law that

states the different kinds of fraud.

Topic Quiz

FALSE


It proves or disproves oral

contracts.


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1212--1 & 21 & 2

3. A promise to marry someone

may be oral.

Topic Quiz

TRUE



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Special Rules for Written

Contracts

The Parol Evidence Rule

The Best Evidence Rule

The Equal Dignities Rule

1212--33


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A Question of Ethics

In Example 12-12, Slaughters

supervisor orally told Slaughter that

he had become a full-time employeeand that his temporary six-month

contract would run for three years. At

the end of the original six-monthcontract, Slaughter was dismissed.

Slaughters dismissal was legal. Was

it ethical? Explain your response.

1212--11


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1212--33

1. Evidence of oral statements made

before signing a written agreement isnever admissible in court to change or

to contradict the terms of a written

agreement.

Topic Quiz

FALSE


It is admissible.


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1212--33

2. There are no exceptions to the parol

evidence rule.

Topic Quiz

FALSE


There are exceptions.


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1212--33

3. The courts accept into evidence only the

original of a writing, not a copy.

Topic Quiz

TRUE



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Formalities of Construction

SignaturesWitnesses and Acknowledgments

Seal

Recording

1212--44


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LawLINKS

Chapter 12Chapter 12

Determine whether your state already

has or is considering digital or electronic

signature legislation by visiting

http://www.magnet.state.ma.us/itd/legal/

sigleg7.html


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1212--44

1. Written agreements must be signed by

both parties.

Topic Quiz

FALSE


Should be signed by both.


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1212--44

2. A facsimile signature will be

acceptable on a contract if the

contract states that facsimilesignatures are valid.

Topic Quiz

TRUE



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1212--44

3. Witnesses are required for all written

contracts.

Topic Quiz

FALSE


For wills and sometimes deeds; others are

optional.


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1212--11 Many contracts do not have to be in writing to

be enforceable.

The kinds of contracts that must be in written

form are found in the Statute of Frauds.

1212--22

SUMMARY

1212--33 The parol evidence rule does not allow the use

of oral evidence to change, delete, or add to

the terms of a written contract.

1212--44 Certain formalities are usually followed in the

formation of many written agreements.


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Chapter 12Chapter 12Key Terms

acknowledgment equal dignities rule

administrator authenticate

equitable estoppel best evidence rule

condition precedent executor

guaranty of payment memorandum

parol evidence rule part performance

Statute of Frauds

Uniform Facsimile Signature of Public Officials Act


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Investigating on the Internet

Chapter12Chapter12

Check the current status of Article 2B of the

Uniform Commercial Code by going to

http://www.law.upenn.edu/library/ulc/ucc2b/

2bstate.html

Write a summary of your findings.


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Endof Presentation

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Buslaw12-Form of Agreement