1. 1.1 17.1 Law for Business, 15e by Ashcroft Chapter 17: Formalities of a Sale Law for Business, 15e, by Ashcroft, © 2005 West Legal Studies in Business, a Division of Thomson Learning

2. 17.2 Chapter 17 Objectives  List the requirements of the Statute of Frauds for sales, and explain the exceptions to it.  Define an auction sale, and describe its peculiarities compared to the law of sales.  Describe the nature of the writing required by the Statute of Frauds.

3. 17.3 Multiple Purchases  All contracts for the sale of goods must be in writing when the price is $500 or more.  Multiple sales would fall under the Statute of Frauds when several items are part of the same sales transaction.

4. 17.4 When Proof of Oral Contract is Permitted  If it can be proven that goods were delivered by seller and were received and accepted by buyer;  If full payment has been made;  If a person voluntarily acknowledges a fact under oath during a legal proceeding;  If the goods in question are of nonresellable nature;  If goods are sold during auction.

5. 17.5 Nature of Writing Required  Terms  The writing need only give assurance that a transaction existed.  Signature  A suit brought to an individual in which the terms must be in writing must be signed by the person being sued or an authorized agent.

6. 17.6 Nature of Writing Required  Time of execution  A writing may be made at or any time after the sale.  Particular writings  Formal writings such as bills of sale, letters, formal contracts, and telegrams will satisfy the Statute of Frauds.

7. 1.7 17.7 Have any questions? Sales Receipt