9-06 Formation of Contract
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<![CDATA[CHAPTER 9-06FORMATION OF CONTRACT9-06-01.Express and implied contracts defined.A contract is either express orimplied. An express contract is one the terms of which are stated in words. An implied contract<br>is one the existence and terms of which are manifested by conduct.9-06-02. What contracts may be oral. All contracts may be oral except such as arespecially required by statute to be in writing.9-06-03. Written contract prevented by fraud - Oral contract enforceable. When acontract which is required by law to be in writing is prevented from being put into writing by the<br>fraud of a party thereto, any other party who by such fraud is led to believe that it is in writing and<br>acts upon such belief to that party's prejudice may enforce it against the fraudulent party.9-06-04.Contracts invalid unless in writing - Statute of frauds.The followingcontracts are invalid, unless the same or some note or memorandum thereof is in writing and<br>subscribed by the party to be charged, or by the party's agent:1.An agreement that by its terms is not to be performed within a year from the making<br>thereof.2.A special promise to answer for the debt, default, or miscarriage of another, except<br>in the cases provided for in section 22-01-05.3.An agreement for the leasing for a longer period than one year, or for the sale, of<br>real property, or of an interest therein. Such agreement, if made by an agent of the<br>party sought to be charged, is invalid unless the authority of the agent is in writing<br>subscribed by the party sought to be charged.4.An agreement or promise for the lending of money or the extension of credit in an<br>aggregate amount of twenty-five thousand dollars or greater.5.An agreement or promise to alter the terms of repayment or forgiveness of a debt<br>that is in an aggregate amount of twenty-five thousand dollars or greater.9-06-05. Contracts unenforceable unless in writing - Statute of frauds. Repealed byS.L. 1965, ch. 296, </p>
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