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 second sub-category of constructive trust to consider is the trust imposed in the case of theft and fraud.
Some courts have held that a personal representative was required to bring the claim because the remedy sought or the cause of action (examples include rescission, constructive trust, and money judgments) "belonged to the estate.
75 In those circumstances, there is a real question as to whether what the deceased left the plaintiff fell so far short of what the deceased should in conscience have left him, having regard to the plaintiff's expectations, reliance, detriment, and benefit to the deceased, that the Court should impose a constructive trust.
The Supreme Court entertained four issues on the appeal: (1) whether the statutory deemed trust provided for by the PBA applies to wind up deficiencies; (2) assuming it does, whether it supersedes priority under the DIP agreement; (3) whether Indalex had fiduciary duties to plan members when considering its options in respect of insolvency, and if so whether those duties were actionably breached; and (4) supposing Indalex had actionably violated its fiduciary duties to plan members, whether a constructive trust was an appropriate remedy.
171) Therefore, as Millett explains, in the domestic law, "a retransfer in specie after rescission is best regarded, not as a consequence of a constructive trust or resulting trust, nor as a response to unjust enrichment, but as part of the working out of the equitable remedy of rescission, which is tightly controlled and subject to its own defences.
Now let me turn briefly to the constructive trust and particularly to its use as a remedy.
It may, as in some of the examples above, give rise to a constructive trust and thus to a proprietary claim, or it may also provide a basis for personal claims.
upon a constructive trust, unless adequate relief can otherwise be given
In English courts, the finding of a constructive trust is substantively connected to the presence of a confidential relationship, while in the United States, the doctrine developed into a much broader equitable remedy.
the constructive trust concept in a number of places throughout the
Mr Baynes Clarke brought the action to win an order that his neighbour held that land on a constructive trust for the benefit of the estate.
37) The outrage at the unjust enrichment of AIG must thus be cabined into one of the available restitution devices: partial rescission, constructive trust, or accounting for profits.

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