Contracts Rules 5

MR SOUR

• Marriage
• Suretyship (but not indemnity contracts)
• Real Property contracts (transfer or buy ANY interest in real property)
• One-year (from day after contract is made)
• Sale of goods for $500 or more

NY rule - following must also be in writing:

• subsequent or new promise to pay debt discharged in bankruptcy
• assignment of insurance company or promise to name insurance beneficiary
• contract to pay for services redered in negotiating a real estate transaction
• Agreement to change, modify, or discharge obligation involving real or personal property

There must be a memorandum that is:

• in writing
• signed by party to be charged
• contain the essential elements of the deal.

NY rule: signature = full and intended signature.

Memo need not be delivered.

Must:

• indicate contract has been made
• identify the parties
• contain quantity term
• be signed by party to be charged

No memo required to prove contract where:

• Specially manufactured goods
• Part payment
• Receipt and acceptance
• Judicial admision
• Failure to respond to memo within ten days