In Contracts class we learned that some contracts require a writing to be enforced and others don't (statute of frauds). There's a lengthy list of what needs a writing and what does not, but one of the main things to remember is that if a contract can be completed within one year, then it is not within the statute (this is for performance contracts... if you contract to buy goods it's a different story, but that's another rousing tale for another time).
So if performance can't be completed within one year from when the agreement was made, the agreement needs a writing. It doesn't matter if it ends up taking more than a year - it just matters if it was theoretically possible. In my book, there is a special bullet for "lifetime contracts." As in "I employ you for the rest of your life." Does that need to be in writing?
In the state of New York, yes! Write it down!!
But on the multi-state exam, nope! And why is this, you wonder???????
Oh, here's the explanation:
"A contract measured by a lifetime (e.g. a promise to 'employ until I die' or 'work until I die') is not within the Statute because it is capable of performance within a year since a person can die at any time."
Thanks a lot, contract law. Like any of us need reminders that life is short and time is precious when we're stuck inside reading about contract law. I hate you.
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1 comment:
Who signs contracts to work until you die?!?!
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