The Statute of Frauds
Johnny needs to buy a lawn mower. His lawn is relatively modest, so he began looking for an affordable model. His friend, Mark, also needed a lawn mower. His yard was much larger, so he went to Johnny and said “Johnny, we both need a lawn mower.
Why don’t we go shopping and get the lawn mower together.” Johnny and Mark found a suitable lawn mower for $10,000. Johnny actually talked to the salesmen. And the salesmen agreed to extend Johnny a loan to purchase the lawn mower if Mark would orally contract to stand as a surety for Johnny if the payments were not made on time.
For two months, Mark uses the lawn mower more than anyone. But then Johnny fails to make payments and the salesman sues Mark under the oral contract. What will be the likely disposition of the case?
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…………………..Answer preview……………………….
Contract law is the branch of law which decides the situations in which promises made by the parties in an agreement shall be legally binding to the terms and conditions of the agreements. The rules of contract law define the remedies which are available in the law court against a person who fails to perform his contract and the conditions under which remedies are available. Contract law is specifically important for people to participate in trade, commerce and industry as much of their business transactions depend on contracts…………….
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