Exception to the Statute of Frauds

The video discusses the statute of frauds, which requires certain contracts to be in writing to be enforceable. It explores exceptions to this rule, such as part performance in land sales, full or partial payment, specialty goods, admissions under oath, and merchant transactions under the Uniform Commercial Code. These exceptions allow contracts to be enforceable without a written agreement.

What is the statute of frauds and what requirement does it impose on certain types of contracts?

Can you explain the concept of part performance in relation to contracts for the sale of land?

What are some exceptions to the writing requirement for contracts involving specialty goods?

How does full payment for a good affect the writing requirement in a contract?

In what situations can a party's admission of a contract substitute for the writing requirement?