Contracts II

Restatement Second of Contracts § 110

Classes of Contracts Covered

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  1. The following classes of contracts are subject to a statute, commonly called the Statute of Frauds, forbidding enforcement unless there is a written memorandum or an applicable exception:
    1. a contract of an executor or administrator to answer for a duty of his decedent (the executoradministrator provision);
    2. a contract to answer for the duty of another (the suretyship provision);
    3. a contract made upon consideration of marriage (the marriage provision);
    4. a contract for the sale of an interest in land (the land contract provision);
    5. a contract that is not to be performed within one year from the making thereof (the one-year provision).
  2. The following classes of contracts, which were traditionally subject to the Statute of Frauds, are now governed by Statute of Frauds provisions of the Uniform Commercial Code:
    1. a contract for the sale of goods for the price of $ 500 or more ([UCC § 1-201]);
    2. a contract for the sale of securities ([UCC § 8-319]);
    3. a contract for the sale of personal property not otherwise covered, to the extent of enforcement by way of action or defense beyond $ 5,000 in amount or value of remedy ([UCC § 1-206]).
    4. In addition the Uniform Commercial Code requires a writing signed by the debtor for an agreement which creates or provides for a security interest in personal property or fixtures not in the possession of the secured party.
    5. Statutes in most states provide that no acknowledgment or promise is sufficient evidence of a new or continuing contract to take a case out of the operation of a statute of limitations unless made in some writing signed by the party to be charged, but that the statute does not alter the effect of any payment of principal or interest.
    6. In many states other classes of contracts are subject to a requirement of a writing.