Contracts Covered by the Statute of Frauds Case Study

Contracts Covered by the Statute of Frauds - Case Study Example The first payment shall be paid on or before June 1, 2007 In consideration thereof, Promisee agree to give Promisor a lawn mower (John Deere Model #1334), valued at approximately $2,500.00). The respective rights and duties arising pursuant to this Agreement shall continue in effect until June 1, 2008, unless terminated prior thereto either pursuant to the Cancellation Clause of this Agreement or by full performance by the parties. If the event that Promisor fails to make a timely scheduled payment, Promisee shall be entitled to declare the entire Agreement breached, and shall be immediately entitled to payment of the debt in full. If Promisee fails to deliver the subject lawn mower to Promisor on or before July 1, 2007, Promisor shall be entitled to declare the entire Agreement in breach, and shall be entitled to repayment of any and all sums paid by Promisor to Lower Case as well as liquidated damages of $2,500.00.. In either case, the party declaring that the breach has occurred shall give written notice of such breach to the other party at the appropriate address shown below. This Agreement shall be interpreted by the laws of the State of California and any suit filed by any party hereto shall be filed and determined before the courts of California and in accordance with the laws thereof. Any dispute arising under this Agreement shall be subject to compulsory arbitration and shall be heard and determined by an arbitrator who is a current member of the American Arbitration Association (AAA). Any notices required to be made pursuant to this Agreement shall be made to the following: PROMISOR: PROMISEE: Joe Smith Mary Doe 123 Anyplace 4321 Anytime Streetwise, CA 95677 Happyface, AZ 85233 (213) 555-1212 (602) 555-2121 In the event of a dispute arising pursuant to this Agreement, the prevailing party in such an action shall be entitled to recover reasonable attorney's fees and court costs from the losing party. If any portion of this Agreement is determined to be invalid, the remaining portions of the Agreement which are valid shall continue to be enforceable and in full effect. ______________ __________ __________________ _________ Joe Smith Date Mary Doe Date AGREEMENT In consideration of mutual performance of the duties and promises outlined further herein, Joe Smith (hereinafter referred to as "Promisor" and Mary Doe (hereinafter referred to as "Promisee"), the parties agree to become bound as follows: Promisor agrees to marry Promisee on or before July 15, 2007. In consideration thereof, Promisee agree to marry Promisor by said date. Promisor also agrees to immediately give Promisee an 18 carat gold engagement band and at the time of marriage, give Promisee one diamond and 18 carat gold ring. If Promisor fails to give Promisee the aforementioned, promised wedding ring on or before July 15, 2007, Promisee shall be entitled to declare the entire Agreement breached, and shall be entitled to retain the engagement band and shall be entitled to recover liquidated damages in the amount of $2,500.00 from Promisor and would not be required to marry Promisor. If Promisee fails to marry Promisor on or before July 15, 2007, Promisor shall be entitled to declare the entire Agreement in breach, and shall be ent