Business Law Statute of Frauds Crucial Discussion

Business Law Statute of Frauds Crucial Discussion

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Post #1

The Statute of Frauds is a legal requirement in some common law jurisdictions that certain types of contracts be in writing and signed by the parties involved in order to be enforceable. This requirement is intended to prevent fraud and misunderstandings that can occur in verbal agreements.

The specific types of contracts that are subject to the Statute of Frauds vary depending on the jurisdiction, but they typically include contracts for the sale of land, promises to pay another person’s debt, agreements that cannot be performed within one year, and contracts for the sale of goods over a certain value.

In my opinion, there are some limitations and exceptions to the Statute of Frauds. For example, some jurisdictions allow for partial performance of a contract to prove its existence and enforceability, even if it is not in writing. Additionally, some jurisdictions have adopted the Uniform Commercial Code (UCC), which has its own set of rules for contracts for the sale of goods that may differ from the Statute of Frauds.

Further, another limitation that I considered is that it may not apply to all types of contracts, for example, it may not apply to simple contracts. Additionally, some jurisdictions may have specific requirements for the contract to be valid under the Statute of Frauds, such as the inclusion of certain details or the use of specific language.

Post #2

In case 9.2, Jay, a 16 year old, buys a truck for $5,900 from a used car dealer. The truck develops mechanical issues nine months later, Jay continues to drive it until the engine stops running. Jay then disaffirms the contract and attempts to return the truck to the dealer for a refund of the full purchase price. In states that hold minors accountable for damage, Jay can still disaffirm the contract, but he may only recover the depreciated value- not the purchase price- of the truck.

I agree with the ruling of this case because although he is a minor and most states need only to return the goods to the manufacturer in order to disaffirm and receive a refund, Jay continued to drive the truck even when the mechanical problems showed up. Thus, Jay implied he was going to continue to drive the truck without asking for a refund. In order to treat this case as a minor and not an adult who is responsible for a contract, the state gives him a refund of the depreciated value rather than the original purchase price. I believe that because of the damages that Jay knew about and ignored, he caused the engine to blow rather than if he returned the truck when the mechanical issues first began. If he had returned the truck nine months after the purchase, he may have been entitled to a full refund. I agree with this case that Jay is only entitled to some portion of the refund rather than the original purchase price.