Presentation on theme: "Statute of Frauds I Prof. Merges Contracts – March 1, 2011."— Presentation transcript:
Statute of Frauds I Prof. Merges Contracts – March 1, 2011
Agenda Types of agreements covered: categories Other requirements –Writing –Signed
Both can be K’s – in the absence of the SoF
Statute of Frauds (SoF): History Common law courts, 17 th C –Perjury; “subornation” of perjury –Structure and incentives
Common provisions Cal. Civ. Code § 1624 (a)(1) K cannot be performed w/in 1 yr. (a)(2) Suretyship (a)(3) Lease and other real property transactions
Main Requirements Writing Signed – but by whom? See Cal statute, p. 259
“party sought to be charged” The party trying to get out of the K; the one the “pro-enforcement” party is “charging” with the K
Why these provisions? 1 yr Suretyship Real property
Chief justice of the Court of King's Bench from 1756 to 1788, was the foremost judicial voice shaping English common law during that era.
“What is surprising about the English common law of the second half of the 18th century is how much is familiar to us today,” he said. “Many of the basic ideas and principles of current American law were forged in this earlier time.” -- Prof. James Oldham, English Common Law in the Age of Mansfield (U.N.C. Press 2004)
Suretyship What is it?
Strong v. Sheffield Promissory Note given by wife to satisfy demand made by holder of previous note on husband
What was “the original deal”? Mr. Sheffield Mr. Strong $$ Promise to repay
What was “the second deal”? Mr. Sheffield Mr. Strong $$ Promise to repay Mrs. Strong Promissory Note
Suretyship or guarantee Promise to answer for debt of another