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Parol Evidence Rule
Written contracts takes precedence over verbal contracts (except for Consumer Protection Act)
Statute of Frauds (1677)
Following need to be in writing:
1) > 1 Year
2) Marriage
3) Executor Pays Debt of Estate
4) Guarantee
5) Sale of Land or Interest in Land
5 of them. Acronym: "1GEMS"
Contract of Guarantee
Contract of Indemnity
I will pay you his payments
Chattel
Doctrine of Part Performance
Verbal contract where the buyer does certain acts in the performance of that contract, then enforceable.
start construction on land that was a verbal contract
Agreement for Sale
ownership transfers at a later date
Specific Goods
chair #1-10
Unascertained Goods
not identifiable
10 chairs, anything grown, etc.
3 Rules for Transfer of Ownership
1) specific goods in deliverable state = when the contract is made (payment or possession is irrelevant)
2) specific goods not in deliverable state = when they become deliverable
3) sale of goods in a deliverable state, but need to do some activity to determine the price = when that activity is complete
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