Statute of Frauds

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Related to constructive trust: implied trust

Statute of Frauds

A statute setting out certain contracts that are not enforceable within the state. The most significant provisions for real estate purposes are those that require almost all contracts and transfers related to real estate to be in writing and all guarantee agreements to be in writing.This does not mean there must be a formal “contract”or “agreement”signed by all parties.The Statute is usually satisfied if there is some writing signed by the party sought to be held liable.

Example: A letter from Sam Seller to Betty Buyer says, “Dear Betty, I'm glad you like the home so much. Your offer of $150,000 was more than I was expecting, so I'll be out shopping for a new home while you get ready for closing. I'm looking forward to seeing you again at the end of the month; do you mind terribly if I don't move out until a day or two afterward? Warmest regards, Sam.” This might be sufficient to allow Betty to enforce a sale contract. Even a combination of e-mails, read together, could suffice for Statute of Frauds purposes in some states. See also Uniform Electronic Transactions Act.

References in periodicals archive ?
The suggested constructive trust arrangement should include some technical provisions to ensure that the parties receive the results that they expect.
Once the relevant asset was transferred to Singapore, Singapore law of equity could intervene and impose a constructive trust upon the relevant asset provided that such intervention would be triggered by an analogous breach in Singapore law.
What is uncontroversial however is that where there is a clear prior proprietary right to assets and a defendant disposes of those assets in breach of a fiduciary duty, a constructive trust can be imposed on the proceeds of this particular form of corruption.
equitable remedy of constructive trust in an action for restitution to
A constructive trust is a fictional trust imposed as a remedy to prevent unjust enrichment.
And private attorneys general who are seeking constructive trusts and corrective advertising are trusts plaintiff.
In the Nobis Litigation, the Company seeks (i) the return to the Company of its common stock (the "Litigation Shares") in the possession of Nobis and/or its principals (or under their control) received as compensation for the Going Public Transaction; (ii) damages in an amount not less than $3 million; and/or (iii) the imposition of a constructive trust on the Litigation Shares.
Employing the seldom-used but highly effective theory of constructive trust, the law firms filed suit on behalf of a small subset of clients who had invested in the Jack County wells, claiming that all investor funds had been comingled and used to drill new wells, and that the production from such new wells must be preserved in a constructive trust for the benefit of all investors whose money had made the drilling of the new wells possible.
A person whose expectancy of an inheritance is frustrated by a third party's wrongful interference with the decedent's right to freedom of disposition may bring a will contest in probate or, if the probate court cannot offer adequate relief, may bring an action in restitution seeking the equitable remedy of constructive trust.
In a common variation on the above plan, the employer establishes a formal grantor trust to hold the funds (the above plan would constitute a constructive trust in any event).
Lee Minnelli asked that a constructive trust for one million dollars be placed on any proceeds from the sale of the house.

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