1. List and provide examples of the essential elements necessary to form a valid contract. Under what conditions can contractual duties be modified? When does promissory estoppel apply? Provide an example.
2. What is the difference between a material breach of contract and a nonmaterial breach of contract? What are some examples of legal and equitable remedies available for breach of contracts? What are some legal excuses for nonperformance or other grounds for discharge of contracts? Provide examples.
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3. The Statute of Frauds has two different applications: one with the UCC (contracts for the sale of goods) and one with certain contracts not involving the sale of goods. The UCC provision is simple – if the contract involves the sale/lease of goods and it is for $500 or more, then the contract must be in writing to be enforceable under the UCC’s Statute of Frauds – UCC 2-201(1), 2A-201(1). The “other” Statute of Frauds kicks in and requires that the contracts be in writing under the following circumstances:
• contracts involving interests in land (sales or leases)
• an executory contract that cannot be performed within one year
• contracts to pay the debt of another
• contracts made in consideration of marriage (prenuptial agreement)
What if you have a contract for a piece of real property for $350 – is the contract enforceable under the Statute of Frauds? Why or why not?