Business Law Assignment
Aswer the questions as WAC questions in 7 to 8 pages
1. Describe the contents of a writing that would be sufficient to satisfy the statute of frauds under the common law.
2. List the kinds of contracts that require a writing under the statute of frauds.
3. Identify the exceptions to the parol evidence rule, and explain why some people might argue that the rule is not very effective.
4. The McCartheys controlled Salt Lake City's largest daily newspaper, The Salt Lake Tribune, through their collective ownership of shares in the Kearns-Tribune (KT) Corporation, a holding company for the newspaper. In 1997, KT merged with Tele-Communications, Inc. (TCI). The McCartheys originally opposed the merger but later agreed to it. In 1999, TCI and AT&T merged, and AT&T sold the Tribune to MediaNews in 2001. The McCartheys argue that according to an oral agreement reached in 1997, at the time of the original merger that they opposed, the McCartheys have the opportunity to buy back the Tribune after five years (in 2002) for a fair market price but that MediaNews tried to block any attempt at a sale. The McCartheys filed suit to enforce the oral agreement. MediaNews moved for a declaratory judgment that the McCartheys have no independent rights in the Tribune. The district court granted the defendant's motions as to all claims. The McCartheys appealed. Under what conditions would the McCartheys' claim be successful? As a judge, what evidence would help you decide whether the oral agreement constituted a valid contract? [MediaNews Group, Inc. v. McCarthey, 494 F.3d 1254 (2007).