I thought I would share some fundamentals about contracts and a brief discussion about the Illinois statute of Frauds. Breach of contracts--written or oral (and, often, both) is a common, every day commercial / business issue that nearly any type of business--and individuals--face. Several elements are necessary to establish a contract whether it is oral or written: 1. An offer; 2. An acceptance of the offer; and 3. "Consideration" (that is, usually money or something in exchange to support the offer and acceptance). However, certain contracts must be in writing to be enforceable. Some of the agreements that must be in writing are agreements that cannot be performed in one year, agreements for an interest in land, agreements for the sale of goods valued at $500 or more and certain others. Among the exceptions are contracts that have been fully performed. They are enforceable whether or not the Statute of Frauds applies and whether or not they are written. Now back to work, I need to teach this fundamental principal to a plaintiff’s attorney who filed a specific performance case without a written contract and no partial performance
Posted on: Thu, 19 Sep 2013 20:23:13 +0000
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