Business Law

Running Head : Business Law

BUSINESS LAW

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Exercise : submit your view of how the Statute of Frauds and the Parol Evidence Doctrine differ . In other words , what is the Statute of Frauds attempting to accomplish and what is it that the Parol Evidence Doctrine is attempting to accomplish ? Also , give an example of each type of contract that falls under the Statute of Frauds . i .e , A and B entered into a contract in which they

agreed to . Identify which type of contract it is (Contract for the sale of real estate , collateral contract , etc

The Statute of Frauds is ostensibly a measure to prevent frauds , whether the frauds be intentional , through the medium of false swearing , or accidental , as the result of defective memory . In either view of the matter , the statute is remedial , and is generally professed to be construed , as it should be , to effectuate this purpose . The Parol Evidence Doctrine on the other hand , like the statute of frauds influences the form of contracts . This doctrine states that parties to a complete and final written contract cannot introduce oral evidence in court that changes the intended meaning of the written terms . The parol evidence doctrine applies only to evidence of oral agreements made at the time of or prior to the written contract . It does not apply to oral modifications coming after the parties have made the written contract (although the statute of frauds may apply

Examples of contract that falls under the Statute of Frauds are

Sale of an Interest in Land . Sales of interests in land are common contracts covered by the statute of frauds . Although sales of interests in land ' covers a contract to sell land , it includes much more . Interests in land include contracts for mortgages , mining rights easements (rights to use another 's land , such as the right to cross it with electric power wires , and leases of longer than one year . However a contract to insure land or to erect a building is not an interest in land . The doctrine of part performance creates an exception to the requirement that sales of interests in land must be in writing . When a buyer of land has made valuable improvements in it , or when the buyer is in possession of it and has paid part of the purchase price , even an oral contract to sell is enforceable . The courts will enforce an oral agreement involving land title if the part performance clearly establishes the intent of the parties as buyer and seller . If a court can envision the parties in some other relationship , such as landlord and tenant , the part performance is not sufficient to substitute for a written agreement

Collateral Promise to Pay Another 's Debt A collateral promise is a secondary one . It is not Junice 's promise to pay Nathaniel 's debt , which is an original or primary promise . A collateral contract arises only from Junice 's...