1. Discuss the relationship of oral contracts and the Statute of Frauds. 2. What
ID: 379568 • Letter: 1
Question
1. Discuss the relationship of oral contracts and the Statute of Frauds. 2. What is the tradeoff represented by the Statute of Frauds? 3. What ethical standards are at issue in the application of the doctrine of promissory estoppel? 4. Discuss Criticisms of the Statute of Frauds. 5. Many countries have no Statute of Frauds, and even England, the country that created the original act, has repealed it. a.)Should the United States do likewise? b.) What are some of the costs and benefits to society of the Statute of Frauds? 1. Discuss the relationship of oral contracts and the Statute of Frauds. 2. What is the tradeoff represented by the Statute of Frauds? 3. What ethical standards are at issue in the application of the doctrine of promissory estoppel? 4. Discuss Criticisms of the Statute of Frauds. 5. Many countries have no Statute of Frauds, and even England, the country that created the original act, has repealed it. a.)Should the United States do likewise? b.) What are some of the costs and benefits to society of the Statute of Frauds? 1. Discuss the relationship of oral contracts and the Statute of Frauds. 2. What is the tradeoff represented by the Statute of Frauds? 3. What ethical standards are at issue in the application of the doctrine of promissory estoppel? 4. Discuss Criticisms of the Statute of Frauds. 5. Many countries have no Statute of Frauds, and even England, the country that created the original act, has repealed it. a.)Should the United States do likewise? b.) What are some of the costs and benefits to society of the Statute of Frauds?Explanation / Answer
1. Statute of Frauds states that unless terms are signed in writing there are contracts that cannot be enforced by law. Oral contracts cannot be enforced in case it comes under those agreements for the ones verbal contract is invalid.
These are:
2. Tradeoff represented by Statute of Frauds:
There is a tradeoff between a contract being written for it to be enforced to be legally binding and only an oral contract being valid. Statute of Frauds exempts specially manufactured goods, contract between two merchants, partially performed contracts. In an oral contract, parties need not agree on terms of the deal. This would matter only if there is no agreement later on and it leads to the parties going to court as plaintiff and defendants.
3. Ethical standards in the application of the doctrine of promissory estoppel:
Doctrine of promissory estoppel is about oral contracts being enforceable under law. If an oral contract holds between two parties, then, it is ethics that come into the picture. Else, one of the parties may not perform the contract. Every contract is not a written agreement and doctrine of promissory estoppel and oral contracts are used.
4. Criticism of Statute of Frauds
It is misused by parties to avoid implementing fair contracts. Exemption is thus granted on promissory estoppel or partial performance. Courts may implement implied contracts which may not have been part of the oral contract. Therefore, the statute of frauds is criticized at times.
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