Chapter 16 Statute of Frauds- “writing” is interpreted broadly- Five contracts that must be in writing (not verbal)o Real estateo Cannot possibly be performed in one yearo Collateral (secondary, guarantor) contractso Marriage as consideration (prenups)o UCC: sale of goods over $500 - Exceptions to statue of fraudso Sometimes oral contracts are enforceable, even though they are supposed to be in writing Partial Performance Promissory Estoppel Admission- No writing, No problem o Oral contract + partial performance can equal exception to writing requirement o Example: Stillwater Bicycle Store Commercial lease agreemento Also, promissory estoppel and admission Chapter 17- Assignment- Delegation- Third PartyAssignment- Assignor- assigning- Assignee or rights- assign your rights to someone else- Business transactions, M&A example - Contracts can require consent for assignment - Can’t assign personal services, w/o consent o Piano teaching exampleDelegation- Delegator, delagatee of obligations- Contracts can require consent for delegation- Mortgage example (assignment and delegation)- Can’t delegate personal obligations, w/o consent o Same piano teaching exampleThird Parties- Privity or contract = party to the contract- Third party = not a party to the contract- Third Party Beneficiary = third party that can sue to enforce a contract - Business contracts often exclude third party beneficiaries Condominium Association- Condo owners agree to abide by certain rules, including keeping appliances in order- Can one condo owner sue another for breach of contract?- Court: yes, third party beneficiary
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