The Statute Of Frauds And The Uniform Commercial Code

983 words - 4 pages

Statute of Frauds
The primary purpose of the “Statute of Frauds” (SOF) is to protect the interests of parties once they are involved in litigating a contract dispute (Spagnola, 2008). The relevant statutes are reliant upon state jurisdictions to determine whether the contract falls under the SOF, and whether the writing of the contract satisfies the requirements of the statute of frauds (Spagnola, 2008). However, all contracts are not covered under the SOF. In essence, for a contract to be deemed as legal by definition of the SOF, there must be verification of the following requirements for formation of the contract, which are as follows: (1) There must be least two parties to the contract, (2) There must be a mutual agreement and acceptance on the price to pay for goods and services offered, (3) The subject matter or reason for entering the contract, must be clearly understood by all parties to the contract, (4) and there must be a stipulated time for performance of duties under the contractual obligations (Spagnola, 2008). Lastly, there are five categories of contracts that are covered under the SOF, which are as follows: (1) The transfer of real property interests, (2) Contracts that are not performable within one year, (3) Contracts in consideration of marriage, (4) Surtees and guarantees (answering to the debt of another), and (5) Uniform Commercial Code (U.C.C.) provisions regarding the sale of goods or services, legally valued over five hundred dollars ($500.00) (Spagnola, 2008).
Polly owns two commercial properties in down town Chicago valued at one (1) million dollars ($1,000,000.00), which she bought for the purpose of renting to entrepreneurs that are striving to open and operate profitable businesses. On May 1, 2010 Polly enters a contract to sell both properties to Joe for $1,000,000.00. As part of the conditions of the contract, Joe paid Polly $500,000.00 as consideration of intent to fulfill his contractual obligations to pay Polly the remaining $500,000.00 in monthly installments of $8,333.33 over a period of five years. On May 1, 2011 Joe decided he no longer wanted to operate his business from the premises purchased from Polly because he did not earn the profits he forecasted, and wrote a letter to Polly notifying her of his intention to forfeit the contract and cease payments as of June 1, 2011. The statute of fraud applies to this case where (1) the contract is memorialized in written form, (2) the contract is not performable with a year, and (3) the consideration of the contract is for the transfer of real property (Spagnola, 2008). Therefore, Joe materially breached the contract, and his best legal defense is loss of profits. Polly can offer relief to Joe by mitigating the payments for a period of six months, until Joe can improve profits, and resume the payments arrangement of the original contract. Joe and Polly must agree on the...

Find Another Essay On The Statute of Frauds and the Uniform Commercial Code

The School Uniform Debate Essay

901 words - 4 pages to fit in, help parents save money, and help teachers and administrators provide a better learning environment devoted to education, and not correcting inappropriate dress code. The requirement of uniforms will unify our schools, help our students focus more on school work rather than what they’re going to wear to school the next day, and teach students how to correctly dress outside of school. A uniform policy would eliminate a lot of problems

The Great Uniform Debate Essay

797 words - 4 pages should not have to ask for it to be allowed, religion is their life. Furthermore, students are able to feel more confident and comfortable in their own clothing. Having confidence is important to students because it inspires them to keep moving forward. Therefore, instead of forcing uniforms upon the students to be worn everyday, schools should enforce a dress code instead. Given that a student’s originality plays an important role, why should it be

The World of Commercial Art and the International Art Market

2881 words - 12 pages The World of Commercial Art and the International Art Market The main aims of this research are to acquire an understanding of the conditions of the art market and to develop a critical knowledge of the commercial art world and the relevant international market. The idea that the international art market is a regulator in the post academy art world has implications on the formation of prices and values in the art market, due to the

King Arthur and The Code of Conduct

758 words - 3 pages What is a code of conduct? There is sundry answers tothis, but only a few good ones. Is it something thatpeople learn about as they grow older, or is itsomething that people are born into? A code ofconduct is something that people live by. It can bein respect for other people, themselves or the thingsaround them. A lot of time it has to do with morals,values and what they look for in life. Codes ofconduct change just as much as time changes

The Code of Hammurabi

788 words - 3 pages aspects as the code of Hammurabi: there are social, moral, religious, civil, commercial, and criminal laws. The Old Babylonian definition of what's acceptable versus what's non-acceptable is still reasonable nowadays. The laws are also significant because they have helped the scholars understand more about the Old Babylonian society and its influence on other civilizations.Historically, laws of many civilizations have been used to justify the

The Code of Hammurabi

764 words - 3 pages The code of Hammurabi By far the most remarkable of the Hammurabi records is the code of laws, the earliest known example of a ruler proclaiming publicity to his people an entire body of laws, arranged in orderly groups, so that all men might read and know what was required of them.1 The code was carved upon a black stone monument, eight feet high, and clearly intended to be reread in public view.2 The Code made known, in a vast number

Network Topology and City Accessibility of the Commercial Internet

924 words - 4 pages western cities had the advantage of having more access options in case of linkage failure and that the cities in the east had faster access times. Moreover, the cities with both the best accessibility and access times were in clusters. This showed that Internet efficiency was not dispersed evenly. The two concluded that there needs to be a standard scale of Internet backbone connectivity to properly measure the efficiency of the commercial Internet

Commercial Transactions and the elements of a legal binding contract

1114 words - 4 pages . The company also explained that the Harrier jet commercial was "fanciful", as well as a witty and engaging ad. Pepsi apologized for the confusion and included free Pepsi product coupons for Mr. Leonard.Mr. Leonard filed a law suit against Pepsi for misleading advertising, deceit, misleading and unjust trade practices, and breach of contract. Kimba M. Wood, the District Judge upheld Pepsi's case, stating that a realistic, sensible individual

The Medicinal, Industrial, Recreational, and Commercial Uses of Marijuana

2568 words - 10 pages The Medicinal, Industrial, Recreational, and Commercial Uses of Marijuana "Penalties against possession of a drug should not be more damaging to the individual than the use of the drug itself" said President Jimmy Carter in a message to Congress in 1977 (Family Council on Drug Awareness). Unfortunately, congress did not and has not listened to him. Even though numerous government-sponsored studies have proven that the use of the cannabis

Telecommuting: The New Uniform of America's Executives: Bathrobe, Bedclothes and Bunny Slippers

731 words - 3 pages Before researching 'telecommuting' I did not realize how popular the trend was in today's world and how its slowly becoming the "wave of the future". (Duff, C.) The advantages of telecommuting are overwhelming not only for the employees but for the employers as well.While the employee saves money on transportation such as fuel and parking fees, not to mention the risks of long commutes, the employer saves on property. This incentive alone is

Comparative on the Code of Hammurabi and the Code of Manu

744 words - 3 pages Untitled Surya Nair P.2 The Code of Manu originated from India and was created by Manu Svayambhuva during the first century. The code of Hammurabi was created around 1750 B.C in Babylon. The codes of Hammurabi and Manu were groups of laws that were laid out to keep peace among their people. However, the Code of Manu was more focused on the dharma of each social class, while the Code of Hammurabi was mainly about the protection for

Similar Essays

The Uniform Commercial Code And Ucita

517 words - 2 pages among the several States, and with the Indian Tribes" and "To establish a uniform Rule of Naturalization and uniform Laws on the subject of Bankruptcies throughout the United States".2. Based on the information presented above, what do you see as the major differences between Article 2 of the Uniform Commercial Code and UCITA?The computer information transactions involve licenses, not sales. It also extends easily to sales of computers and computer

The Statute Of Limitations Essay

810 words - 3 pages The statute of limitation refers to the length of time in which a plaintiff can file a claim. The principle behind statute of limitation is that lawsuits cannot be improved as time passes by. For one, clear details of the facts can be blurred as memories can fade and witnesses may die, go away, or lose interest of the case. Ideally, court prefers to settle the case as soon as disputes develop (Warner, 2010). However, for professional and product

Defense Department Directives And Uniform Code Of Military Justice

2972 words - 12 pages There are multiple military directives and regulations that limit service members’ free speech rights. These are found within Defense Department Directives and Uniform Code of Military Justice (UCMJ). Outside of the military, much of these restrictions would be allowed unconstitutional. However, courts tend to defer to the military’s courts, so these limitations have continued. Congress enacted the UCMJ in 1950. Listed in the UCMJ are the

The Statute Of The Man In The Modern Catholic Anthropology

2007 words - 8 pages The Statute of the Man in the Modern Catholic Anthropology ABSTRACT: In what follows, I examine the renaissance of the idea of freedom as a fundamental measure of humanity in the work of Karol Voitila (Pope John Paul II). I examine as well Karol Voitila's concept of the human person as found in his work "Love and Responsibility" as well as the encyclical Evangelium vitae, which affirms the incomparable value of the human person. I also