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Video instructions and help with filling out and completing What Form 5495 Statutory

Instructions and Help about What Form 5495 Statutory

This unit introduces the statute of frauds it is a common misconception among non lawyers that an agreement needs to be in writing in order to be legally enforceable in fact putting to one side practical questions of proof most oral agreements once proven are every bit is enforceable as a written contract however for several specific kinds of contracts the law requires the agreement to be memorialized in some kind of a writing but not necessarily a formal written contract before it can be enforced the law involved here is not common law case decisions but rather statutory law and although the statutes can differ in their details all states have enacted some kind of statute for the Prevention of frauds which is typically shortened to the phrase statute of frauds section 110 of the Restatement second of contracts summarizes five kinds of contracts that most states general statute of frauds include one contracts by executor zuv S States to perform an obligation of the deceased two contracts to be responsible for the debt of another for example when a parent guarantees repayment of a loan made to a child three contracts made upon consideration of marriage four contracts for the sale or lease of an interest in land at least leases longer than a month and five contracts that cannot be performed within one year from the making of the contract that is it must be impossible and not just unlikely that the contract can be completed within one year this last category is perhaps the trickiest of the five let me give you an example to show why an agreement for lifetime employment is that within the statute no because if the employee died within a year that would complete the lifetime term in the contract and...