Which of the following contracts is not required to be in writing under the statute of frauds quizlet?

- An interest in land is any right, privilege, power, or immunity in real property.
- It includes ownership interests in land, long-term leases, mortgages, options, and easements.
- Under this provision, a promise to transfer an interest in land must be in writing.
- However, under the part performance exception, if the transferee has paid a portion or all of the purchase price and either taken possession of the property or started to make valuable improvements on the land in reasonable reliance on the contract, an oral contract is enforceable.

- The rule is considered to be a substantive rule of law that defines the limits of a contract.
- It does not apply to the following situations:
(1) a contract that is partly written and partly oral;
(2) a clerical or typographical error that obviously does not represent the agreement of the parties;
(3) the lack of contractual capacity of one of the parties, such as proof of minority, intoxication, or mental incompetency;
(4) a defense of fraud, misrepresentation, duress, undue influence, mistake, illegality, lack of consideration, or other invalidating cause;
(5) a condition precedent that was orally agreed upon at the time of the contract's execution and to which the entire agreement was made subject;
(6) a subsequent mutual rescission or modification of the contract;
(7) ambiguous terms are found in the contract; and
(8) there was a separate, distinct contract between the same parties.

- The Restatement defines interpretation as the ascertainment of the meaning of a promise or agreement or a term of the promise or agreement.
- Rules for interpretation include:
1) all the circumstances are considered and the principal purpose of the parties is given great weight;
2) a writing is interpreted as a whole;
3) commonly accepted meanings are used unless a different intention is manifested;
4) technical terms are given their technical meaning;
5) wherever possible, the intentions of the parties are interpreted as consistent with each other and with course of performance, course of dealing, or usage of trade;
6) an interpretation that gives a reasonable, lawful, and effective meaning to all terms is preferred;
7) specific terms are given greater weight than general language;
8) separately negotiated terms are given greater weight than standardized terms or those not separately negotiated;
9) express terms, course of performance, course of dealing, and usage of trade are weighted in that order; and
10) where a term has several possible meanings, the term will be interpreted against the party who supplied the contract or term;
11) written provisions prevail over inconsistent typed or printed provisions, and typed provisions prevail over printed; and
12) if an amount payable is set forth in conflicting words and figures, the words control the figures.

On March 1, Tammy, a student, received a telephone call from Watterson, Inc. offering her a job for one year beginning on June 15, after completion of the school year. According to the personnel manager, she will have to move to California and be ready to start work at 8:00 a.m. on June 15. Should Tammy ask for a letter confirming the telephone conversation if she accepts the offer immediately?

a. Yes, because the job offer is a collateral promise.
b. Yes, because the job offer is covered by the parol evidence rule.
c. Yes, because the job offer is for longer than one year from March 1.
d. No, because the job offer is for one year from June 15.

State-level legislation that addressed the enforceability of contracts that fail to meet the requirements set forth in the statue; serves to protect promisors from poorly considered oral contracts by requiring that certain contracts be in writing.

Three main purposes:
1. attempts to ease contractual negotiations by requiring sufficiently reliable evidence to prove the existence and specific terms of a contract.
2. to prevent unreliable oral evidence from interfering with a contractual relationship.
3. to prevent parties from entering into contracts with which they do not agree. So they have to consider the terms, agree to them, write them out, and sign the contract.

Contracts falling within the statue of frauds:
1. contracts whose terms prevent possible performance within one year.
2. promises made in consideration of marriage.
3. contracts for one party to pay the debt of another if the initial party fails to pay.
4. contracts related to an interest in land.

And although required to be in writing under the Uniform Commercial Code (UCC), and not the statute of frauds, a related fifth category is contracts for the sale of goods totaling more than $500.

Contracts whose performance, based on the terms of the contract, could not possibly occur within one year fall within the statute of frauds and therefore must be in writing. The one-year period begins the day after the contract is created, not when it is scheduled to begin.

A contract for lifetime employment does not need to be in writing because it is possible for the contract to be completed within one year.

Similarly, contracts for complex construction projects need not be in writing because theoretically, they can be completed within one year.

Legal principle: If a contract can possibly be performed within a year, even if such performance is highly unlikely, then the contract does not need a writing to be enforceable.

Which of the following contracts do not need to be in writing under the statute of frauds?

Which contract is not covered under the statute of frauds quizlet?

What contracts are not required to be in writing?