BUSINESS LAW

Sufficiency of the Writing

1. Newmark & Co. Real Estate, Inc., (the broker) contacted 2615 East 17 Street Realty, LLC, (the landlord) to lease certain real property on behalf of a client (the tenant). As is common in real estate transactions, the broker is paid a commission. The lease agreement stated that the landlord would pay the full commission to Newmark. Newmark e-mailed the landlord a commission agreement containing information on the amount of the commission, the deadline for payment of the commission, the services for which the commission was being paid, and the information about Newmark required to make payment. The landlord e-mailed Newmark back with a request to pay the commission in several payments instead of one single payment. Newmark revised the agreement to include the multiple payment deadlines and e-mailed a final copy to the landlord. The landlord responded by e-mail, acknowledging receipt of the revision and thanking Newmark for making the change. All e-mails had the names of the sender typed at the bottom of the e-mail.

The Statute of Frauds requires certain types of contracts to be in writing. All of these contracts must be in writing except (Answer choices: A. contracts involving land B. contracts that by their terms cannot be performed in less than a year after the date of agreement C. a promise to answer for a debt of another D. a promise made in consideration of a marriage E. a promise to work for an employer for the rest of your life F. contracts for the sale of goods over $500)

2. Does the real estate broker's separate agreement for payment of commission fall under the statute of frauds? (yes or no)

3. Under which category? (Answer choices: A. contracts involving land B. contracts that by their terms cannot be performed in less than a year after the date of agreement C. a promise to answer for a debt of another D. a promise made in consideration of a marriage E. contracts for the sale of goods over $500)

4. An e-mail Selectdoesdoes not (does or does not) satisfy the writing requirements for the Statute of Frauds.

5. All of these are the essential terms needed in a writing, except (Answer choices: A. the names of the parties B. the subject matter C. the consideration D. the price of the goods)

6. The writing ( does or does not) satisfy the essential terms requirement.

7. Who must sign the writing?(Answer choices: A. the person who is enforcing the contract B. the person against whom the contract is being enforced)

8. What type of signature must be on an e-mail in order to enforce an electronic record? (Answer choices: A. a typed name B. an official signature C. an official signature D. an encrypted signature)

9.(Answer choices: A. Newmark B. The landlord C. Newmark’s client D. Both Newmark and the landlord) signed the e-mails.

10. Is it likely a court would find the e-mails satisfy the statue of frauds and therefore order the landlord to pay the commission? (yes or no)

11. WHAT IF THE FACTS WERE DIFFERENT?

What if the names had not been typed at the bottom of the e-mails? The contract (Answer choices: A. would B. would not) be enforceable.