(Q1) Defective Agreements and Statues of Frauds pg 14-15

Mistakes by the Parties

• only one party makes a mistake • has no effect on validity

• Majority states say void • Some states say voidable • In any event, it is unenforceable • Must be mistake as to material part of contract such as the subject matter

• misrepresentation of a material fact made knowingly, or with the reckless disregard as to its truth or falsity. • Made to influence or induce someone to act on your statement/contract to their detriment

physical or economic threat to a person

removing a person’s free will through a fiduciary relationship

• Fraud -Duress • Undue Influence

• Unilateral • Bilateral/Mutual

• Contracts required to be in writing (can’t sue if it’s not in writing) • applies to executory contracts only

• sale of land (real property) - impossible to perform within one year • promise to pay the debts of another person • agreements of executor or administrator to pay debts of an estate out of their own funds • any promise in consideration of marriage • sale of personal property in the amount of $500 or more, under UCC

• can be a note or memorandum • all material terms must be stated • in existence by time of suit • signed by party being sued Parol Evidence Rule applies

can not introduce oral testimony to change terms of a written contract