Legal Rules for Written Contracts

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Business Law with UCC
Applications,13e
Written Contracts and
Cyber-Commerce
Chapter 11
McGraw-Hill/Irwin
Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
Learning Objectives
1. Identify the goals of the Statute of Frauds.
2. Identify those contracts that must be in
writing.
3. List the information that must be in the
writing.
4. Explain the Standard Construction Rule.
5. Discuss the Parol Evidence Rule.
11-2
Learning Objectives
6. Explain the exceptions to the Parol
Evidence Rule.
7. Explain the Best Evidence Rule.
8. Discuss the Equal Dignities Rule.
9. Explain the problems associated with
cyber-commerce.
10.Outline the latest cyber-commerce
statutes.
11-3
Written Contracts and
Cyber-Commerce
• The Statute of Frauds
– Contracts that Must Be in Writing
– The Contents of a Writing
11-4
Written Contracts and
Cyber-Commerce
• Contracts that Must Be in Writing
–
–
–
–
Contracts that cannot be completed within one year.
Contracts transferring real property rights.
Contracts for the sale of goods of $500 or more.
Certain contracts entered into by executors and
administrators.
– Contracts by one party to pay a debt incurred by
another party.
– Contracts in consideration of marriage.
– Other contracts
11-5
Written Contracts and
Cyber-Commerce
• The Contents of a Writing
– Elements of a Writing
11-6
Written Contracts and
Cyber-Commerce
• Legal Rules for Written Contracts
– The Standard Construction Rule
– The Parol Evidence Rule
– The Best Evidence Rule
– The Equal Dignities Rule
11-7
Written Contracts and
Cyber-Commerce
• The Parol Evidence Rule
– Exceptions to the parol evidence rule
11-8
Written Contracts and
Cyber-Commerce
• Formalities of Construction
– Signature Requirements
– Witnesses and Acknowledgments
11-9
Written Contracts and
Cyber-Commerce
• Signature requirements
– Facsimile signatures
11-10
Written Contracts and
Cyber-Commerce
• Cyber-Commerce and the Law
– Verification Problems
– Cyber-Commerce Legislation
11-11
Written Contracts and
Cyber-Commerce
• Verification problems
– Offer and acceptance online
– Online advertisement “click” fraud
11-12
Written Contracts and
Cyber-Commerce
• Cyber-Commerce legislation
– The E-sign Act
– The Uniform Electronic Transactions Act
(UETA)
– The Uniform Computer Information
Transactions Act (UCITA)
– The Fair and Accurate Credit Transactions
Act (The FACT Act)
11-13
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