Wednesday, May 19, 2010

Statute of Frauds

This law requires agreements to be in writing concerning:

1) Land
2) Performance greater than 1 year
3) Sale of goods of $500 or more
4) Promise to pay the debt of another
5) Promise made in consideration of marriage
6) Promise of an executor or administrator of an estate to pay estate’s debts out of his own funds.

From watching Judge Judy and other such shows, they seem to live on the disregarding of agreements in writing.

As a practical matter, one should always get it in writing. I recall from 20 years ago, a mechanic who declared to me that he would put nothing in writing; if people would not trust one another’s word, he would have nothing to do with them. Since he was so adamant, I let him get away with it. Needless to say, the relationship ended badly. – Lesson learned.

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