Law for Business, 15e by Ashcroft Chapter 17: Formalities of a Sale Law for Business, 15e, by Ashcroft, © 2005 West Legal Studies in Business, a Division of Thomson Learning

17.2 Chapter 17 Objectives  List the requirements of the Statute of Frauds for sales, and explain the exceptions to it.  Define an auction sale, and describe its peculiarities compared to the law of sales.  Describe the nature of the writing required by the Statute of Frauds.

17.3 Multiple Purchases  All contracts for the sale of goods must be in writing when the price is $500 or more.  Multiple sales would fall under the Statute of Frauds when several items are part of the same sales transaction.

17.4 When Proof of Oral Contract is Permitted  If it can be proven that goods were delivered by seller and were received and accepted by buyer;  If full payment has been made;  If a person voluntarily acknowledges a fact under oath during a legal proceeding;  If the goods in question are of nonresellable nature;  If goods are sold during auction.

17.5 Nature of Writing Required  Terms  The writing need only give assurance that a transaction existed.  Signature  A suit brought to an individual in which the terms must be in writing must be signed by the person being sued or an authorized agent.

17.6 Nature of Writing Required  Time of execution  A writing may be made at or any time after the sale.  Particular writings  Formal writings such as bills of sale, letters, formal contracts, and telegrams will satisfy the Statute of Frauds.

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