Question

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.

Answer 1

The real estate broker's agreement for a commission falls under the Statute of Frauds as a contract involving land and must be in writing. The email correspondence between the broker and landlord, which includes typed names, likely satisfies the Statute's writing requirements. Without the typed names, the contract might not be enforceable.

Step-by-step explanation:

The sufficiency of the writing in a real estate transaction involving the payment of a broker's commission is outlined by the Statute of Frauds. For a contract to be enforceable under this statute, certain agreements must be in writing and signed by the party against whom enforcement is sought. In the scenario with Newmark & Co. Real Estate, Inc., and 2615 East 17 Street Realty, LLC, the broker's agreement for the payment of the commission is involved in a contract relating to real estate and must be in writing to satisfy the Statute of Frauds.

The email communications between the broker and the landlord detail the necessary elements such as the commission amount, payment deadline, and services rendered, and include typed names at the bottom of the emails, which may serve as electronic signatures. These elements are essential for the Statute of Frauds, except for the specific price of the goods, which is not applicable in this context. As for the signing requirements, only the person against whom the contract is being enforced must sign the writing. With these emails effectively constituting a written agreement, it is likely that a court would find them sufficient to satisfy the Statute of Frauds, making the landlord obliged to pay the commission. If the names were not typed at the end of the emails, the contract might not meet the writing requirement and could potentially be unenforceable under the Statute of Frauds.

Answer 2

The contract would be enforceable