Business Law Chapter 16

By cooldude6516, May 2012

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Statuete of frauds	law will require more evidence that the parties had an agreement than the oral testimony of the party claiming that a contract existed
Unenforceable	not void or voidable
Quasi-contract	partial performance
Promissory estoppel	reasonable reliance
Collateral	property put up to secure the performance of a promise
Guaranty	undertaking by one person to be answerable for the payment of some debt
Leading object doctrine	the promises of those who are primarily motivated by a desire to secure some personal benefit fall outside the statute of frauds
Memorandum	does not necessarily include all terms, may also be multiple writings
Principal objective	all clauses are interpreted in light of the principal objective
Parol evidence rule	a party cannot vary the terms of a written contract by introducing evidence of terms allegedly agreed upon prior to or contemporaneous with the writing

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