Is a verbal proposal to license a product legally binding?
Full Question:
Answer:
The statute of frauds is a law in every state which requires that certain documents be in writing, such as real property titles and transfers, leases for more than a year, wills and some types of contracts. The purpose of the law is to protect against false claims for payment from contracts that were not agreed upon. The Illinois statute of frauds precludes enforcement of a services contract that cannot be performed within a year "unless the promise or agreement upon which such action shall be brought, or some memorandum or note thereof, shall be in writing, and signed by the party to be charged therewith.
In Cloud Corporation v. Hasbro, Inc. the Court of Appeals for the Seventh Circuit held that a senders name on an e-mail satisfied the signature requirement of the Illinois statute of frauds.
