11.1 b a c kn e x t h o m e © 2002 West Educational PublishingTo accompany Law for Business, 14e, by Ashcroft and Ashcroft Chapter 11 Objectives  Identify which contracts the Statute of Frauds requires to be in writing.  Distinguish adequate from inadequate writings when a written contract is required.  Explain parol evidence rule.

11.2 b a c kn e x t h o m e The existence and terms of the contract cannot be denied The existence and terms of the contract cannot be denied One or more parties may die or become insane or incapacitated One or more parties may die or become insane or incapacitated Witness testimony of an oral contract may vary Witness testimony of an oral contract may vary Reasons for Written Contracts

11.3 b a c kn e x t h o m e Written Contracts Contracts which must be in writing include the following:  Agreements to sell land or any interest in land.  Agreements which cannot be performed within a year.  Agreements to become responsible for the debts of another.

11.4 b a c kn e x t h o m e Written Contracts  Agreements of an executor to pay debts of the estate from executor’s personal funds.  Agreements in which the promise of one person is made in consideration of marriage.  Agreements to sell goods for $500 or more.

11.5 b a c kn e x t h o m e Written Contracts  Would an agreement between Murphey Enterprises and Steve Johnson for the purchase of mineral rights on Johnson’s farm need to be in writing?  Yes  Would the agreement of Moore promising to buy Wilhelm’s car in two years need to be in writing?  Yes Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz Quick Quiz