In a message dated 3/21/03 9:36:57 AM Pacific Standard Time,
orangedawg@hotmail.com writes:
> Also, don't contracts over $500 have to be in writing (excluding promissory
> estoppel, detrimental reliance, etc.) according to the Statute of Frauds?
> There can be verbal contracts for under $500 assuming that there is an
> offer
> (i.e. I'll sell you something), consideration (i.e. this is how much I want
>
> for the something), acceptance that is communicated to the seller (i.e.
> okay, I'll pay you the amount your asking for the something), and that the
> offer is not revoked prior to acceptance. I believe once that occurs, you
> have the elements of a contract (the above applies ot both written and
> verbal contracts).
>
the statute of frauds is a loosely defined term to include the statutes in
each state which require written evidence of an oral agreement for such oral
agreement to be enforceable. that does not mean necesarily that the
agreement must be in writing. it means that there must be a writing showing
the terms of the agreement, and signed by the person against whom enforcement
is sought. so a letter would suffice if it contained all the terms of the
agreement and was signed by the party against whom enforcement is sought.
only contracts for the sale of $500 or more in goods (most personal property)
must be evidence by a writing. aside from that there is no blanket $500
rule. agreements for services would not be subject to this rule $500 rule.
A partial list of agreements that are within the Statute of Frauds
includes promises to answer for the debt or duty of another, contracts not to
be performed within one year of their making, contracts to sell any interest
in real property, contracts not to be performed within the lifetime of the
promisor, and contracts for which marriage is the consideration (don't you
love that one?).
all contracts must have 5 things present to be enforceable:
1. the offer;
2. communicated acceptance of the same offer, without modification
(modification amounts to a counter offer);
3. consideration (refer to last email)
4. capacity (of the parties to contract. e.g., you must be 18 years old
in most states, otherwise daddy or mommy must sign for you).
5. a legal object. a "contract" like tony soprano or john gotti might
order is not enforceable, at least in a court of law.
test next tuesday.
after that, we'll do torts!
(roadster content: i turned my brake pads to dust at california speedway last
weekend, but it sure was fun while it lasted. i'm still wearing the grin)
s
67.5MIZU
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