Statute of Frauds defined (Article 1403, paragraph 2) .pdf
1
Statute of Frauds defined (Article 1403, paragraph 2) requires that certain contracts be in writing, and that they be signed by all parties to be bound by the contract. Although there can be significant variations between jurisdictions, the most common types of contracts to which a statute of fraud apply are: o Contracts in consideration of marriage. o Contracts which cannot be performed within one year. o Contracts for the sale of an interest in land. o Contracts by the executor of a will to pay a debt of the estate with his own money. o Contracts for the sale of goods above a certain value. o Contracts in which one party becomes a surety (acts as guarantor) for another party’s debt or other obligation. Law students often remember these circumstances by the mnemonic “MYLEGS” (marriage, year, land, executor, goods, surety).
Statute of Frauds defined (Article 1403, paragraph 2) .pdf
Statute of Frauds defined (Article 1403, paragraph 2) .pdf
Citation preview
Statute of Frauds defined (Article 1403, paragraph 2) requires
that certain contracts be in writing, and that they be signed by
all parties to be bound by the contract. Although there can be
significant variations between jurisdictions, the most common types
of contracts to which a statute of fraud apply are:
o Contracts in consideration of marriage.
o Contracts which cannot be performed within one year.
o Contracts for the sale of an interest in land.
o Contracts by the executor of a will to pay a debt of the
estate with his
own money.
o Contracts for the sale of goods above a certain value.
o Contracts in which one party becomes a surety (acts as
guarantor) for
another partys debt or other obligation. Law students often
remember these circumstances by the mnemonic MYLEGS (marriage,
year, land, executor, goods, surety).
