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

Instructions and Help about Will Form 5495 Statutory

How do you analyze the statute of frauds on a contracts essay question? Step one, what is the statute of frauds? In short, you should think about the statute of frauds as merely an evidentiary requirement needed to prove that a contract existed between the parties. Imagine the following scenario: let's say that you own a Lamborghini, a brand new Lamborghini, and I really want your Lamborghini. But of course, I can't afford it. I can't offer you a fair price for your Lamborghini because I don't have the money. So instead, I concoct a scheme, right? I have some knowledge of contract law. So I say, you know what, I'm gonna sue so-and-so for breach of contract. I'm gonna say that we had an oral contract for the purchase and sale of your Lamborghini for $1,000. So I go to court, I sue you for breach of contract, and I tell the court, guess what, so-and-so offered to sell me his Lamborghini orally for a thousand dollars and I accepted. We have offer acceptance, the thousand dollars of sufficient consideration, we have a traditional enforceable contract. So I'm gonna pay so-and-so a thousand dollars, he has to provide me the Lamborghini. The court is gonna say, that's fine Michael, if you did have a contract for the purchase and sale of the Lamborghini for a thousand dollars, we'll enforce that. But you have to provide us proof that that contract existed. That contract falls under the statute of frauds. So in order to enforce it, you're gonna have to show a satisfaction of the statute of frauds, some sort of evidence that this contract existed. Generally, under the statute of frauds, that's gonna require me to produce a signed writing for the purchase and sale of the Lamborghini for a...