When the consideration given in exchange for the collateral promise is something the guarantor seeks primarily for his own benefit rather than for the benefit of the primary debtor, the contract is outside the statute of frauds.
The statute of frauds requires that certain types of transactions be recorded in writing, signed by the party against whom they are to be enforced, and have sufficient material to prove the contract.
Understanding the Fraud Statute
Any marriage-related promises, including gifts such as an engagement ring. Contracts that cannot be completed in less a year. Land purchase agreements.
Marriage, Year, Land, Executor, Guarantor, and Sales are the acronyms for these words. Statutes typically cover: Promises involving marriage as a consideration Contracts that cannot be completed within a year.
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