New York law requires that certain contracts must be in writing to be enforceable. The law, known as the Statute of Frauds, also has several well-recognized exceptions. In a recent decision, the New York Court of Appeals officially adopted the promissory estoppel exception, but made clear it only applies in limited circumstances. As a result, individuals and businesses that don’t insist on written contracts still take a big risk that they won’t be able to enforce their agreements.
It is usually clear from the terms of a contract how long the parties want the contract to remain in effect—the contract provides for a set term or task to be performed, possibly with options to extend it when certain criteria are met. However, in some instances, parties may remain bound by the terms of … Read more