[Ninja20]

So if any of the conditions for statute of fraud apply, we need a written contract ( forget exceptions )

Please help me with answers to these.

1. Should this be signed by both parties?

2. If only one party signs, its enforceable against that party. what happens to the other guy ?

3. Can we say we have complied with the statute without signing but just mentioning the contract terms ?

Thanks!

[Spartan15]

Someone correct me if I'm wrong but….

To comply with the statute of frauds the document must be signed by the person who you are seeking enforcement against (defendant.)

So if you (person A) is seeking enforcement against person B, then the only person that must sign the document is person B. If person A does not sign the document, then person B would be unable to seek enforcement through the judicial process.

To answer your third question, there must be something in writing to satisfy the requirement for the statute of frauds. Becker mentions that you do not need to have a signed contract, per se, but you need to have something in writing and signed that signifies that the contract had been made.

AUD - 99
BEC - 96
REG - 92
FAR -

[jenpen]

I believe that is correct. Emails back and forth confirming the contract will suffice for writing as well. At least that's what an MCQ answer told me.

AUD - 56 - 68 - 61 - 9/8/16
REG - 75
FAR - 7/15/16
BEC - TBD

Wiley CPAexcel and NINJA 10 Point Combo

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