COMM231 Study Guide - Final Guide: Condition Precedent, Contra Proferentem, Oral Contract

• School: University of Waterloo
• Department: Commerce
• Course: COMM231
• Professor: Joseph Radocchia

Document Summary

Old piece of legislation, dates back to 1800s. Its purpose was to require certain types of contracts to be in writing. In order for a contract to be enforceable, it had to be in writing. Contracts needed to be in writing to avoid people being frauds. Sometimes statue of frauds created more frauds than it stopped. Contracts that need to be in writing: contracts greater than one year need to be in writing. Kind of arbitrary period of a year. For a fixed period need to be in writing. Indefinite period can be oral: contracts dealing with an interest in land. Some ownership or stake to use that land. Land is so important to how we function. Roofer example, does not have an interest in land. Can an oral contract amend a prior written contract: oral agreements can change a prior written contract in regards to contracts with lands.