Text 5 The Type of Writing Required in Contracts

Usually memorandum (памятная записка, меморандум) satisfies the writing requirement of the Statute of Frauds for evidence of an agreement. Usually any words that clearly state the important terms of the agreement suffice. Note, however, that the memorandum is enforceable only against those who have signed it.

The memorandum need not be in any special form. Nor does it have to be a single writing. A series of writings, such as an exchange of letters or telegrams, is sufficient if it includes all essential terms. Also, the later writings must refer to earlier writings in such a way that they are clearly part of the same agreement. The memorandum (memo) may be printed, typed, or written with pen and pencil. The signature may be written, stamped, engraved, or printed. It may consist of any mark that is intended as a signature. An adequate memo includes the following items:

1 date and place of the contract;

2 names of the parties;

3 all material terms of the agreement. These usually include the subject matter, price, and any special conditions, such as the time or method of delivery or terms of payment;

4 the signature of the party against whom the contract is to be enforced. This signature may be by an agent authorized to sign.

These items do not need to be in any particular order. If custom or business usage is well established, some items may be excluded. For example, such items as terms of payment and delivery, even price, are often omitted from orders for goods.