Other
Contract Law Extra Credit 2
- Course
- PRL 174
- Institution
- Des Moines Area Community College
This is the second and last opportunity offered for extra credit in Contract Law.
[Show more]
Seller
Follow
Content preview
Rachel DebnerStatutory Limitations on Actions
EXPLANATION. A statute of limitations is a law that sets the maximum time
that a party to a
legal action has to initiate that cause of action. A number of statutes specify
statute of limitation periods. In the case of a contract, the limitation period
begins when the contract is breached. Brown v. Ellison, 304 N.W.2d 197, 200
(Iowa 1981) disapproved of on other grounds by Franzen v. Deere & Co., 334
N.W.2d 730 (Iowa 1983). Generally, limitations on actions are covered under
Iowa Code chapter 614.
1. QUESTION (3 POINTS). Iowa Code §614.1 sets forth several provisions
governing the
statute of limitations for contracts. Describe the limitations applicable to the
following: 614.1.pdf (iowa.gov)
a. Unwritten contracts.
The statute of limitations for unwritten (oral) contracts is five years.
b. Written contracts other than leases (claims for rent).
The statute of limitations for written contracts, other than leases, is ten
years.
c. Leases (claims for rent).
The statute of limitations for claims for rent under leases is five years.
2. QUESTION (3 POINTS). In Thomas v. United Fire and Cas. Co., 426
N.W.2d 396
(Iowa 1988), the Iowa Supreme Court explained an exception to the
standard period for
the statute of limitations that may apply to certain contracts (policies).
Describe that type of exempted contract identified by the Court. Thomas
v. United Fire and Cas. Co., 426 N.W.2d 396 | Casetext Search + Citator
EXPLANATION. Laches is an equitable defense that may be asserted by
the defendant in a breach of contract action. That defendant has the
burden of proof to show substantial prejudice committed by the plaintiff
according to clear, convincing, and satisfactory evidence (State ex rel.
Holleman v. Stafford, 584 N.W.2d 242, 245 (Iowa 1998)).
, The Court explained that these policies often include a contractual
provision that sets a shorter period for bringing an action than the
standard statutory period. This contractual limitation is valid and
enforceable as long as it is not unreasonably short and is clearly
communicated in the policy terms. In this case, the Court upheld the one-
year limitation period specified in the fire insurance policy.
3. QUESTION (3 POINTS). Another form of a special bar preventing
litigation is created
by statute. See Iowa Code § 614.14A which concerns a claim arising out of
a contract
transferring an interest in real estate by deed or contract by a certain
type of business
entity (e.g., corporation) referred to as simply an entity. The limitation
applies to a
contract or deed recorded after July 1, 2013. How long does the holder of
an adverse
claim have to bring a cause of action in law or equity alleging the entity
did not properly
authorize the transfer?
614.14a.pdf (iowa.gov)
According to Iowa Code § 614.14A, the holder of an adverse claim has ten
years to bring a cause of action in law or equity alleging that the entity
did not properly authorize the transfer of an interest in real estate by
deed or contract.
Statute of Frauds
4. QUESTION (3 POINTS). The Statute of Frauds (commonly abbreviated as
"SOF")
requires certain types of contracts to be memorialized in writing and signed
by the
parties. The general statutory provision includes certain contracts listed in
Iowa Code
§ 622.32. Describe the type of contract subject to SOF set forth in subsection
4 of that
section. 622.32.pdf (iowa.gov)
According to Iowa Code § 622.32, subsection 4, the type of contract subject
to the Statute of Frauds any promise made by one party to be responsible for
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller racheldebner. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80467 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now