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 we'll step one what is the statute of frauds in short you should think about the statute of frauds is 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 I don't have the money so instead I concoct a scheme right I have some knowledge of contract law so you 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 in 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 thousand dollars although in some instances we'll see that performance can also be sufficient evidence that the contract existed okay but in short that's why we have the statute of Rods it's to prevent fraud that's why we call it the statute of frauds we want people if they're going to the court and sue for breach of contract in certain instances we're gonna say you have to provide proof that that contract existed we're not gonna just let anybody come to court and say that they had all these oral agreements and contracts it would be chaos right anybody could come to court and claim anything we had this oral agreement that oral contract the statute of frauds comes in to mitigate that and say in some instances we're gonna have to see proof that the contract you're claiming did indeed exist okay so that's the idea behind the statute of frauds but how do you actually analyze the statute of frauds on a contracts si question well your analysis is going to be two parts your first question is going to be whether the statute of frauds is triggered does this contract fall under the statute of frauds and we'll learn that not every contract that's created does fall into statute of frauds you can have enforceable oral contracts that's fine only a certain class or certain categories of contracts actually trigger the statute of frauds and step one is going to be identifying whether the contract in your vac pattern does trigger the statute of frauds your next step step number two is going to be okay if the statute of frauds is triggered was the statute of frauds satisfied is there sufficient evidence that the contract existed and generally like I said that's gonna require signed writing but in some cases we'll also see that performance either complete performance or partial performance can satisfy the statute of frauds so that's everything we're gonna talk about and the main idea here the main blow of the analysis is going to be if the statute of frauds is triggered and the statute of frauds is not satisfied then that agreement is not enforceable in court okay let's break down what types of contracts actually trigger the statute of frauds we have an acronym for this mr. Sauer n s oh you are what is the stand for the n stands for marriage marriage the S stands for surety ship sure easy ship the o stands for the 1-year provision 1-year provision the U stands for UCC UCC Goods contracts for $500 or more and the R stands for real estate real estate contracts specifically promises to transfer or receive interests and real estate but let's start with marriage Wow marriage is misspelled there's an a right there marriage right so what we're talking about here is not the marriage contract itself to people promising that they're going to marry each other we're talking about contracts made in consideration of marriage primarily here we're thinking prenups premarital agreements right the prenup that's gonna be the main thing so if you have a prenup that's going to trigger the statute of frauds I actually recently read a case back from the 1800s where we had a uncle I believe it was promising to pay his niece two thousand dollars or something twenty-five hundred dollars a month for every month that she stayed married to her husband so in that case that could also be a type of contract made in consideration of marriage the key here for marriages were talking about generally prenups premarital agreements are going to trigger the statute of frauds but not the actual marriage contract itself that is not going to trigger the statute of frauds the promise between two people to marry each other does not trigger the statute of frauds okay next we have surety ship contracts and I'm going to mispronounce that for some reason I have a lot of trouble saying surety ship I tried to say before this video but I'm sure I will blow it as we go along here but a surety ship contract has