1. Parol evidence rule refers to the evidence of previous or simultaneous oral rule that written contracts may not be varied, contradicted, or changed by any previous or contemporaneous oral declarations. Parol evidence is admitted when a written contract does not include or contradicts the oral understanding reached by the parties. Under the parole evidence rule, when the court finds that that written contract has represented the final and complete statement of the parties to an agreement, it will no longer allow either party to submit parole evidence (Miller, 2011, p.187).
2. The statute of frauds refers to the requirement that contracts should be in writing, particularly in the case of contracts of sale more than $500 should be in writing under the Uniform Commercial Code (UCC) Section 2-20(1). A contract within the Statute of Frauds shall be enforceable if signed by the parties or any persons acting on his or her behalf if the subject matter is identified; has adequately indicated that the parties have entered into an agreement; and has stated with reasonable certainty the reasonable terms of the promised that are yet to be performed in the contract (Tepper, 2011, p. 180).
3. Real property refers to land and any structures that are permanently attached to the land. Real property has form, shape, structure, and substance. Some of the examples are land and its improvements such as landscaping, shrubbery, parking lots, buildings, fences and sidewalks. Personal property shall refer to any property that has physical existence and is not a real estate that is permanently attached to a land. It also has form, shape and substance. Some of the examples of personal property are computers, machineries, vehicles, works of art, video equipment, telephone systems among others (Murphy and Higgins, 2009).
4. The most common provision in a prenuptial agreement is that each of the parties shall separately retain all rights in his or her separate property that cannot be owned by the other party. The future spouses also agree that shall waive all interest or claim to the separate property of the husband and the wife. Prenuptial in modern society is important and practical in order to easily find an amicable settlement for the spouses in the event that they file a divorce or decide to separate. Most of the couples who come from rich families who have substantial properties will want to create a prenuptial agreement prior to the marriage in order to protect their rights in the event of the dissolution of the marriage.
5. The assignor is one who transfers the contract right to another person. A party who assigns his or her rights to a contract means that such individual shall assign the basic obligations in the contract. The assignee is one to whom a contract right is transferred. The obligor is one who is obligated to pay money or complete an act for another under a contract (Goldman and Sigismond, 2011). The obligor is the one who shall be bound in an agreement to deliver payment or benefit to another. The rationale for a person to assign his or her contractual rights over to another person means that such person can no longer personally receive the benefits contained in the agreement.
6. Delegation of obligations to another party means transferring the duties or obligations to the contract. The delegator is the one who shall delegate his or her obligations to the contract to the delegate. The delegate is the one who shall perform or deliver the obligation on behalf of the delegator. The obligee is the person to whom the other person is obligated. A party to a contract delegates his or her duty to another person. The rationale why one delegates his or her obligations to another is that there is physical impossibility to fulfill the duties based on the contract.
7. The assignor is Mr. Thomas Long who is entitled to receive payment from H. Hall. The assignee is George Northman who will receive the right to demand payment from debtor H. Hall. Mr. Northman is entitled to receive payment from Mr. Long who is indebted to him. Mr. H. Hall is a party to the document because he is indebted to Mr. Long in the amount of $1,500, who is delegated the right to pay the obligation of Mr. Long to Mr. Northman. However, the right to receive a person’s services cannot be assigned if the consent of that person is not obtained (Goldman and Sigismond, 2011).
8. Under the Statute of Frauds, for contracts that cannot be performed within one year, there must be an agreement in writing to make it enforceable between parties. For some contracts which have indefinite duration, they do not under the statute of frauds, regardless of how long the performance of the obligation will take.
9. Franks is not barred to receive the bonus if $10,000 as a floral arranger after the period of two years even if the agreement is done verbally. The law has specifically mentioned that the Statute of Frauds shall cover contracts that cannot be performed within one year. In this particular case, Thomas who is the owner of a successful floral shop has verbally promised Franks the bonus of $10,000 and a monthly salary after working for him for two years. After fulfillment of his duty under the agreement, Franks can recover.
10. Yes, Plonski collect the $500 from Pitt. In this case, Cancho has assigned his right to Plonski to collect $500 from Pitt. However, Pitt, who was delegated to obligation to pay Plonski did not receive the notice of the assignment. Full performance before being notified of an assignment releases the obligor from any legal obligation to the assignee (Goldman and Sigismond, 2011). As a result, Pitt cannot be obligated to pay Plonski. Hence, Plonski has the right to collect the $500 from the debtor Pitt.
11. The term electronic signature or e-signature refers to the handwritten signature as a way to sign documents to accommodate electronic commerce. This shall cover typed or printed signatures which are acceptable under the law. Contracts that are signed with an e-signature shall not be considered as valid: wills and testamentary trusts, agreements with regard to adoption, divorce, and family law concerns, court orders, notices, pleadings, notices of default, notices of cancellation, eviction and foreclosure among others.
A special talent may not be delegated without the permission of both parties to the contract. For a special skill or reputation is entered by the obligee with the obligor, on the basis that the obligor possesses a unique skill or reputation to perform the underlying duties to the contract. Hence, allowing these duties to be delegated to another will result to non-performance of obligation since the assignee may not possess the special skill or reputation.
Miller, Roger L. (2011). Cengage Advantage Books: Fundamentals of Business Law:
Summarized Cases, 9th ed. California: Cengage.
Goldman, A.J. and Sigismond, W.D. (2011). Business Law, 8th ed. Mason, OH:
Murphy and Higgins (2009).Concepts in Federal Taxation 2009 ed . Mason, OH:
Tepper, P. (2011). The Law of Contracts and the Uniform Commercial Code. California: