Question

Lyra induces Moe to enter into a contract for the sale of an apartment about which Lyra fraudulently misrepresents a number of material facts. Lyra tells Moe that her commission is 6 percent, but their signed, written contract states 12 percent. The Statute of Frauds governs:_____________.
1. contracts that are induced by fraud.
2. contracts that must be in writing to be enforceable.
3. the admissibility in court of oral evidence.
4. the reformation of oral and written statements into one contract.

Answer 1

Lyra induces Moe to enter into a contract for the sale of an apartment about which Lyra fraudulently misrepresents a number of material facts. Lyra tells Moe that her commission is 6 percent, but their signed, written contract states 12 percent. The Statute of Frauds governs (2) contracts that must be in writing to be enforceable.

Explanation:

The statute of frauds refers to the requirement that certain kinds of contracts will be enforceable only  if they are in writing

 

Even though the  statutes of frauds vary  from state to state, the following types of contracts must be in writing to be enforceable:

• contracts for the sale or lease of, or a mortgage on, real property (e.g., land, fixtures);
•  contracts that cannot, by their terms, be performed within one year after the date the contract was formed;
•  collateral contracts, such as promises to answer for or guaranty the debt or duty of another person;
• promises made in consideration of marriage (i.e., prenuptial agreements); and
•  contracts for the sale of goods valued at $500 or more.