Collateral contracts and leading object rule
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Why require a writing in the case of collateral contracts? And why make an exception in cases where the "leading object" rule applies?
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This solution goes through the concept of collateral contracts and leading object rule.
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1. A collateral or guaranty contract occurs where one person agrees to answer for the debts or duties of another person. Collateral promises are required to be in writing under the Statute of Frauds. The Statute of Frauds is a state statute that requires the following contracts to be in writing: 1.) Contracts involving the transfer of interests in real property. Includes contracts for the sale of land, buildings and items attached to land, mortgages, and leases for a term of more than one year, and express easements. There is an exception to this first contract: Part performance exception - Permits the specific enforcement of oral contracts for ...
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