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). Hypothetical 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 busine... ... middle of paper ... ...useless car to a junk yard to recover some loss, but the difference of the re-sale of the junk-car would be a significant loss. Though there were no adequate assurances to the contract, anticipatory repudiation is the only probable remedy for Jack. However, the outcome would weigh on the predominant factor test, which is met because Tom is covered as a merchant because he is operating in his usual daily business, and Jack is the buyer. The sole purpose of the contract was for Tom to sell Jack a car, and for Jack to buy a car from Tom. The UCC, though less stringent than the statute of frauds, does effectively regulate commercial transfers allowing the free market to operate without diminishing the integrity of trade. Works Cited Spagnola, L. A. (2008). Contracts For Paralegals: Legal Principles and Practical Applications New York: McGaw-Hill/Irwin.
When doing an evaluation of any case, you should always look at all the relevant facts and issues involved before jumping to conclusions. As for this case, Mike Thurmond, the operator of Top Quality Auto Sales, a used car dealership, has financed his dealerships inventory of vehicles by creating a financing arrangement with Indianapolis Car Exchange (ICE). ICE then filed a financing statement that listed Top Quality’s inventory as collateral for the financing. After this, Top Quality sold a Ford truck to Bonnie Chrisman, who was also a used car dealer. Chrisman paid Top Quality for the truck and then proceeded to sell it Randall and Christina Alderson, who paid Chrisman for the vehicle. In
This case study examines various real estate contracts – the Real Estate Purchase Contract (REPC) and two addendums labeled Addendum No. 1. Addendum No. 1 and Addendum No. 2 – pertaining to the sale of 1234 Cul-de-sac Lane in Orem, Utah. The buyers in this contract are 17 year old Jon D’Man and 21 year old Marsha Mello; the seller is Boren T. Deal. The first contract created was Jon and Marsha’s offer to purchase Boren’s house.
Were the items specially manufactured goods? Is the defendant to blame since the items cannot be sold at any other location? Is the verbal agreement for the sale of goods more than $500 enforceable?
The Australian Consumer Law (ACL) was established to protect consumers in any legal trading activities in Australia. A set of guarantees has also been introduced for those consumers who are acquiring goods and services from Australian suppliers, importers or manufacturers. The guarantees are intended to ensure that consumers will receive the goods or services they have paid for. If they have problems with the products and services they bought, they are entitled for remedies, such as repair, replacement, and refund.
The Computer Fraud and Abuse Act (CFAA) of 1986 is a foundational piece of legislation that has shaped computer crime laws for the United States. It was spawned from Comprehensive Crime Control Act of 1984, Section 1030 that established three new federal crimes to address computer crimes. According to Sam Taterka, “Congress tailored the statute to three specific government interests: national security, financial records, and government property” (Taterka, 2016). The statue was criticized for the narrow range of issues it covered and vague language.
Twomey, D. P., & Jennings, M. M. (2013). Transfers of Negotiable Instruments and Warranties of Parties. In Business Law: Principles for Today's Commercial Environment: Southern New Hampshire University (4th ed., pp. 556-577). Mason, OH: Cengage Learning.
Together with the common law, the Uniform Commercial Code is one of the primary sources of contract law in the United States. The Uniform Commercial Code is commonly known as the UCC, that have been promulgated in conjunction with a purpose to harmonize the law of sales and other commercial exchanges within the U.S. As a model law, it's really proposal that each state has to choose whether to adopt or not but the code was enormously successful that it has been enacted in all of the 50 states, although with variations. Once they are adopted by the states they become state statute. Among other things, Article 2 of the UCC governs transactions for the sales of goods that are moveable items and they have to be tangible. The UCC also provides different provisions relying upon whether parties to a contract are merchants or non-merchants (referred to individuals who don't have expert knowledge about the goods he/she deals in).
Staff, L. (2012, November 20). § 2-201. Formal requirements; Statute of frauds. Retrieved March 5, 2017, from https://www.law.cornell.edu/ucc/2/2-201
Since the elements were met to satisfy an actual contract being made, with promises albeit moral and legal, the behavior in which Johnny executed warrants a breach of contract on his part. Also to note is Johnny is not a merchant under the Uniform Commercial Code (UCC), which defines a merchant as “a person who deals in goods of the kind or otherwise by his occupation holds himself out as having knowledge or skill peculiar to the practices or goods involved in the transaction” (American Business Law Journal, 1970). Had Mark been identified as a merchant, he would have been held to a different set of rules and Johnny would have been protected, but Mark is a casual seller and not held to a higher standard of
During this business transaction Don is late paying his invoices, therefore, violating Custom and practice between merchants. Don is in valuation of § 25-1-303. Course of performance, course of dealing, and usage of trade and § 25-1-304 Obligation of good faith (Uniform Commercial
One-Year provision. The statute of frauds requires that all the contracts that cannot be performed within one year of the making of the contract be in writing or in proper electronic form. In this case, it is impossible to grow five crops of potatoes, and wait until they are mature in Idaho within a year. Therefore, this oral contract is unenforceable, but if Blair can do it within a year, then the contract is enforceable.
Everything is stored on the internet including highly classified government information, and your bank information. How do we make sure no one steals, views, or sells your passwords, and private information? Congress passed a law in 1986 called the Computer Fraud and Abuse Act (CFAA) to protect the government’s information. Many laws have been passed that revises the CFAA. The CFAA has imprisoned many people, and many people want changes to the CFAA today.
There were lots of problems in our society that we absolutely have no ways to prevent. One of the most serious problems in today 's society is that there are lots of swindlers around the world. Fraud is when a person intended to deceive others to get money, as today 's techniques have gotten better and better everyday; the cheaters get the advantages of it. They use those network communication techniques to get people’s information and use those information to cheat your money. There was no age limit for the target people, whom the teenage, middle age and old people can become their targets. The cheaters will use different ways to cheat money. Mostly the cheaters will use the Internet to cheat the teenagers since all the teenagers are chatting
The basic law of a contract is an agreement between two parties or more, to deliver a service or a product. And reach a consensus about the terms and conditions that is enforced by law and a contract can be only valid if it is lawful other than that there can’t be a contract. For a contract to exist the parties must have serious intentions, agreement, contractual capacity meaning a party must be able to carry a responsibility, lawful, possibility of performance and formalities. Any duress, false statements, undue influence or unconscionable dealings could make a contract unlawful and voidable.
Agency theory, stakeholder theory, stewardship theory and transaction cost economics are the main theories that influence the development of corporate governance. The corporate governance can be drawn from a variety of disciplines and areas such as finance, economics, management, accounting rules, legal and regulatory, organization behaviours, etc. It express concerns in both internal aspects of the company (monitoring internal control & board structure) and the external aspects (eg. relationship of labour policies, role of multi shareholders and other stakeholders) besides protections of minority shareholder’s right (Claessens and Yurtoglu; 2012; Mallin, 2013). The Management will have the responsibility for the design, implementation and maintenance of the internal controls to prevent and detect any fraud that might happen.