9-06 Formation of Contract

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CHAPTER 9-06FORMATION OF CONTRACT9-06-01.Express and implied contracts defined.A contract is either express orimplied. An express contract is one the terms of which are stated in words. An implied contract<br>is one the existence and terms of which are manifested by conduct.9-06-02. What contracts may be oral. All contracts may be oral except such as arespecially required by statute to be in writing.9-06-03. Written contract prevented by fraud - Oral contract enforceable. When acontract which is required by law to be in writing is prevented from being put into writing by the<br>fraud of a party thereto, any other party who by such fraud is led to believe that it is in writing and<br>acts upon such belief to that party's prejudice may enforce it against the fraudulent party.9-06-04.Contracts invalid unless in writing - Statute of frauds.The followingcontracts are invalid, unless the same or some note or memorandum thereof is in writing and<br>subscribed by the party to be charged, or by the party's agent:1.An agreement that by its terms is not to be performed within a year from the making<br>thereof.2.A special promise to answer for the debt, default, or miscarriage of another, except<br>in the cases provided for in section 22-01-05.3.An agreement for the leasing for a longer period than one year, or for the sale, of<br>real property, or of an interest therein. Such agreement, if made by an agent of the<br>party sought to be charged, is invalid unless the authority of the agent is in writing<br>subscribed by the party sought to be charged.4.An agreement or promise for the lending of money or the extension of credit in an<br>aggregate amount of twenty-five thousand dollars or greater.5.An agreement or promise to alter the terms of repayment or forgiveness of a debt<br>that is in an aggregate amount of twenty-five thousand dollars or greater.9-06-05. Contracts unenforceable unless in writing - Statute of frauds. Repealed byS.L. 1965, ch. 296, </p> <BR></DIV><!-- /.col.one --><!-- /.col.two --></DIV><!-- /.col.main --></DIV><!-- /div id = content --> <BR class=clear></DIV> <!-- /div id = livearea --> <DIV></DIV><!-- /.col.one --> <DIV></DIV><!-- /.col.main --> <DIV></DIV><!-- /#content --><BR class=clear> <DIV></DIV><!-- /#livearea --> <!-- Footer--> <DIV id=footer> <DIV class=container> <P class=copyright>Copyright &copy; 2012-2022 Laws9.Com All rights reserved. </P><!-- /.copyright --> <P class=footerlinks><A href="/contactus.html">Contact Us</A> | <A href="/aboutus.html">About Us</A> | <A href="/terms.html">Terms</A> | <A href="/privacy.html">Privacy</A></P><!-- /.footerlinks --> </DIV><!-- /.container --> </DIV><!-- /footer --> </BODY></HTML>