Requirements for a Written Memorandum

Question

What are the requirements for a Written Memorandum?

Answer 1

The Statute requires a “note or memorandum of the contract” which must:

1. Contain all essential terms of the contract, including the parties, a description of the subject matter of the contract, and all material terms such as price; and

2. Be signed by the party who is being sued; it need not be signed by the other party. (This has been liberally construed by the courts so that handwritten initials or a hand-printed name will suffice.)

It may be one document or several taken together; it may be a formal contract or something less formal such as a letter or note.