Sarah and Jake have been dating for 3 years when their parents start to ask whether they plan to get married. "One day, sure," they say. But, being in their young 20s, they feel that there are a few things that they want to accomplish before they take that next step. The two sets of parents get together and devise a plan to help nudge the happy couple along the path to matrimony and offer a deal that cannot be beat. Not only will they pay for the wedding, but they will purchase their first home for them. (Yes, in law school story problems, meddling fantasy parents have unlimited budgets!!) Shocked, the couple quickly agreed and set about planning their dream wedding.

Quickly, they start shopping for an engagement ring together because clearly this is not going to be a surprise proposal and Sarah wants a say in whatever piece of jewelry will adorn her hand for the next several decades. After a few weeks, they find the perfect gems and agree with a jeweler on a custom-designed piece.

Sarah and Jake also look for land to purchase and set about hiring a construction firm to build their dream home. The construction company guarantees them that the home can be built and move-in ready within 5 months, so it will be ready for the interior decorators to furnish in time for their return from their honeymoon. Sadly, this promise later turned out to be erroneous and the home was not ready until over 6 months past the deadline, well over a year past the contract date!

All while their wedding planner regales them with the options for their dream wedding and honeymoon. Oh my, what a headache, but a delightful one at that. All flows smoothly and the nuptials are planned and the honeymoon is in place.

Shortly before the wedding, the couple sit down with a family law attorney to discuss a prenuptial agreement since both of them come from significant family money and expect to inherit someday. Yes, they plan on living life happily ever after... but both figure that it never hurts to have a little extra insurance just in case. With that in mind, the two set forward on their path to forever.

Just before the wedding, the couple, who recently graduated from college, are considering starting their own business when they return from their honeymoon and ask their parents to cosign a business loan for them since they do not have many assets of their own. The happy parents agree without any reservations. The couple will have the loan in place to begin their business upon the return from their honeymoon.

Now, for the fun part... no, we don't get to pick out their flowers or drink any champagne, we get to discuss business law for a few minutes.

 

Identify and discuss at least five contracts that have been formed in this scenario and explain which ones are required to be in writing under the Statute of Frauds. 

Answer rating: 100% (QA)

Engagement Ring Purchase Contract Nature of the Contract This is a contract for the purchase of an engagement ring Statute of Frauds Requirement Gener... View the full answer