74) By comparison, the statute of frauds
demands a signed writing for contracts covering real property.
When first enacted in 1677, the Statute of Frauds
applied to six types of contracts.
The other is a legal examination of the reasons behind the tightening up of will-making requirements, and particularly the effect that the Statute of Fraud
(1677) had on the process.
In the federal action, the CGU insurers moved for summary judgment on their counterclaims for a return of insurance brokerage commissions paid in connection with premiums subsequently returned; on the ground that plaintiff's claim of an oral agreement between the parties was controlled by New York law and was unenforceable pursuant to the statute of frauds
In relation to contract of guarantee, the Statute of Frauds
1677, section 4 as amended provides that "no action shall be brought against the defendant pertaining to any special promise to answer for the debt default or miscarriages of another person unless the agreement or some memorandum or note is in writing and signed".
Shanker, Judicial Misuses of the Word Fraud to Defeat the Parol Evidence Rule and the Statute of Frauds
(With Some Cheers and Jeers for the Ohio Supreme Court), 23 AKRON L.
The explicit-scope provision and the statute of frauds
Illinois' Revised Article 1 states that it "applies to a transaction to the extent that it is governed by another Article of the Uniform Commercial Code.
It also establishes the safety net of this doctrine, which disregards so many legal norms of contract law such as the statute of frauds
and allowing parol evidence to modify an instrument's language.
Together, the statute of frauds
exemption and the changes in the trade confirmations will contribute to a dramatic increase in the certainty that a trade is enforceable when oral agreement is reached by traders.
Whether a string of electronic bits stored in the memory cache of a laptop satisfies the writing requirement of the Statute of Frauds
- or whether instantaneous messaging obviates the mailbox rule for delivery of acceptances - are issues that infect the core purpose of traditional contract formalities.
In particular, the Statute of Frauds
(an old English law from 1677 still in effect in Alberta and some other provinces) requires some contracts to be in writing.
AFFI supported restoration of the Statute of Frauds
for contracts for the sale of goods of $5,000 or more, but criticized a provision which would 'open the door to oral contracts in contravention of the purpose of the Statute of Frauds
' and create other 'loopholes' which 'undermine the Statute of Frauds
as it has traditionally been applied.