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Monday, October 18, 2010

Oral Joint Venture Agreements and the Statute of Frauds

George Bundy Smith and Thomas J. Hall provide a nice overview of the recent decisions in New York concerning oral joint venture agreements and the statute of frauds.  The bottom line in New York:

the . . . statute of frauds generally will not bar enforcement of an oral joint venture agreement where the joint venture is terminable at will.  Where, however, the alleged agreement formed a joint venture for a term of more than one year, or provides that the object of the joint venture cannot be performed within one year, the statute of frauds may apply, barring the enforcement of the oral joint venture agreement. 

Check out the entire NYLJ article here (subscription required).

[Meredith R. Miller]

 

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