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Samples in periodicals archive:
00 Hardcover American casebook series KF801 This casebook introducing the law of contracts to first-year law students opts for breadth of coverage over depth, sacrificing detailed analysis of certain subjects, but refusing to throw out important subjects such as the Statute of Frauds or third-party interest in contracts while still maintaining a reasonable length for a four-hour course as well as a relatively full presentation of judicial opinions.
On appeal the Second Circuit vacated the finding that New York law and the statute of frauds applied to the oral modification.
This type of agreement, like the finder's fee agreement, is required to be in writing or it will be rendered unenforceable by the Statute of Frauds of the applicable State.
Section 4 of the venerable Statute of Frauds 1677 requires guarantees to be in writing if they are to be enforceable; there is no such requirement in the case of an indemnity, although of course written agreement is always best as a matter of practice and for proof.
The verbal agreement was too indefinite to constitute a binding contract and it was arguably unenforceable because it involved an interest inn real estate and the Statute of Frauds provides that "no action shall be maintained upon a contract for the sale of land unless the agreement .
Christ Hospital argued, among other things, that the statute of frauds prohibited the action because any promise to pay the debt of another was unenforceable unless in writing.
The court also held that if an otherwise unbounded obligation contains a limiting condition that "could" conceivably occur in less than one year, that obligation, or contract, is not within the Statute of Frauds.
Legislation introduced at the behest of the LSTA exempting loan trading from the Statute of Frauds became law in the State of New York in August, with effect for trades entered into from and after October 5, 2002.