Statute Of Frauds Vs Statute Of Limitations
Description
How to fill out Answer By Defendant In A Civil Lawsuit Alleging The Affirmative Defense Of The Cause Of Action Being Barred By The Appropriate Statute Of Frauds?
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FAQ
A signed, written memorandum isn't necessary if the oral contract has been fully performed. This is true even if the terms of the oral contract prevent performance within one year. These oral contracts are enforceable without meeting the requirements of a statute of frauds.
Admission. An oral contract can be enforced without meeting the requirements of a statute of frauds if the other party admits under oath that the oral contract was made. This is known as the admissions exception.
The Statute of Frauds can be satisfied by any signed writing that (1) reasonably identifies the subject matter of the contract, (2) is sufficient to indicate that a contract exists, and (3) states with reasonable certainty the material terms of the contract.
The doctrine of the statute of frauds is distinct from the statute of limitations, as it requires that certain types of contracts be in writing in order to be legally enforceable. The statute of frauds is simply a remedy that the court can offer as opposed to determining the actual validity of a contract.
Sometimes, even though a contract falls within a statute of frauds, it can be enforced without meeting the two requirements. These exceptions are admission, performance, and promissory estoppel.