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My company entered into a three year consulting agreement with a NY company. My company was given a written contract.
After approximately nine months the NY company unilaterally ended the contract citing cash flow issues. The Contract did not contain a clause allowing for termination for this reason and my company is taking the matter to arbitration as the agreed method in the contract to resolve any disputes and is looking for compensation for breach of contract. At the time the NY company terminated the contract the agreement was NOT signed, however the agreement WAS subsequently signed by both parties. Does the Statute of Frauds apply in this case as the contract was over a 1 year period or since the contract ran for nine months there was strong evidence that the parties intended to be bound by the contract? Would it also be possible to claim that there was also an oral agreement in place as well thus making an oral contract enforceable? In the process of arbitration does the arbitrator usually look at other circumstances outside the law or sticks closely to the law as if the process was being dealt with by the courts? |
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The Statute of Frauds determines what type of contracts need to be in writing.... http://www.legalmatch.com/law-librar...s-lawyers.html
Your contract is in writing.... As for the Oral Contract check out: http://www.legalmatch.com/law-librar...ence-rule.html As for arbitrators following the law I would say I hope so (but some might not be familiar with specifics in the law of contracts) |
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