BU231 Chapter Notes - Chapter 10: Oral Contract, Consumer Protection, Miscarriage
Document Summary
Benefits of a written record: contracts may be in one of the following three forms. Contracts whose terms are entirely oral (spoken) Contracts whose terms are part oral and part written. The statute of frauds: makes certain types of contracts unenforceable unless they are in writing, an otherwise valid oral contract that falls within the statute is considered unenforceable, neither party may sue. It has been said that the statute promotes more frauds than it prevents so it is limited in use: this allows a party to avoid performing a contract solely because it is oral. Types of contracts covered: covers six types of contracts. A promise by an executor or administrator to pay estate debts out of his own money. A promise to answer for the debt, default, or miscarriage of another. Only after the debtor has defaulted may the creditor claim payment from the guarantor.
