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Reserve currency
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A reserve currency (or anchor currency) is a currency that is held in significant quantities by governments and institutions as part of their foreign exchange reserves. The reserve currency is commonly used in international transactions, international investments and all aspects of the global economy. It is often considered a hard currency or safe-haven currency. People who live in a country that issues a reserve currency can purchase imports and borrow across borders more cheaply than people in other nations because they do not need to exchange their currency to do so.
By the end of the 20th century, the United States dollar was considered the world's most dominant reserve currency.[1] The world's need for dollars has allowed the United States government as well as Americans to borrow at lower costs, granting them an advantage in excess of $100 billion per year.[2]
Contents
1 History
2 Global currency reserves
3 Theory
4 Major reserve currencies
4.1 United States dollar
4.2 Euro
5 Other reserve currencies
5.1 Dutch guilder
5.2 Pound sterling
5.3 Japanese yen
5.4 Swiss franc
5.5 Canadian dollar
5.6 Chinese yuan
6 Calls for an alternative reserve currency
6.1 Reserve Currency Backed Tokens
6.2 Special drawing rights
7 See also
8 References
9 Further reading
History[edit]
Reserve currencies come and go. International currencies in the past have included the Greek drachma, coined in the fifth century B.C., the Roman denari, the Byzantine solidus and Arab dinar of the middle-ages, the Venetian ducato and the Florentine florin of the Renaissance, the seventeenth century Dutch guilder and the French franc.
Under the gold standard, the predominant global financial system from 1870 to 1914, paper notes were convertible into preset, fixed quantities of gold.
The Dutch guilder emerged as a de facto world currency in the 18th century due to unprecedented domination of trade by the Dutch East India Company.[3] However, the development of the modern concept of a reserve currency took place in the mid nineteenth century, with the introduction of national central banks and treasuries and an increasingly integrated global economy. By the 1860s, most industrialised countries had followed the lead of the United Kingdom and put their currency on to the gold standard. At that point the UK was the primary exporter of manufactured goods and services and over 60% of world trade was invoiced in pound sterling. British banks were also expanding overseas, London was the world centre for insurance and commodity markets and British capital was the leading source of foreign investment around the world; sterling soon became the standard currency used for international commercial transactions.[4]
John Maynard Keynes (right) and Harry Dexter White helped to draft the provisions of the post-war financial system. Here, they meet at the inaugural meeting of the International Monetary Fund, 1946.
Attempts were made in the interwar period to restore the gold standard. The British Gold Standard Act reintroduced the gold bullion standard in 1925,[5] followed by many other countries. This led to relative stability, followed by deflation, but because the onset of the Great Depression and other factors, global trade greatly declined and the gold standard fell. Speculative attacks on the pound forced Britain entirely off the gold standard in 1931.[6][7]
After World War II, the international financial system was governed by a formal agreement, the Bretton Woods System. Under this system the United States dollar was placed deliberately as the anchor of the system, with the US government guaranteeing other central banks that they could sell their US dollar reserves at a fixed rate for gold.[8]
In the late 1960s and early 1970s, the system suffered setbacks ostensibly due to problems pointed out by the Triffin dilemma—the conflict of economic interests that arises between short-term domestic objectives and long-term international objectives when a national currency also serves as a world reserve currency.
Global currency reserves[edit]
The IMF regularly publishes the aggregated Currency Composition of Foreign Exchange Reserves (COFER).[9] The reserves of the individual reporting countries and institutions are confidential.[10] Thus the following table is a limited view about the global currency reserves that only deals with allocated reserves:
Currency composition of official foreign exchange reserves (1965–2017)
v
t
e
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1995
1990
1985
1980
1975
1970
1965
US dollar 62.70% 65.34% 65.73% 65.14% 61.24% 61.47% 62.59% 62.14% 62.05% 63.77% 63.87% 65.04% 66.51% 65.51% 65.45% 66.50% 71.51% 71.13% 58.96% 47.14% 56.66% 57.88% 84.61% 84.85% 72.93%
Euro (until 1999 - ECU) 20.15% 19.13% 19.14% 21.20% 24.20% 24.05% 24.40% 25.71% 27.66% 26.21% 26.14% 24.99% 23.89% 24.68% 25.03% 23.65% 19.18% 18.29% 8.53% 11.64% 14.00% 17.46%
Deutsche Mark 15.75% 19.83% 13.74% 12.92% 6.62% 1.94% 0.17%
Japanese yen 4.89% 3.95% 3.75% 3.54% 3.82% 4.09% 3.61% 3.66% 2.90% 3.47% 3.18% 3.46% 3.96% 4.28% 4.42% 4.94% 5.04% 6.06% 6.77% 9.40% 8.69% 3.93% 0.61%
Pound sterling 4.54% 4.34% 4.71% 3.70% 3.98% 4.04% 3.83% 3.94% 4.25% 4.22% 4.82% 4.52% 3.75% 3.49% 2.86% 2.92% 2.70% 2.75% 2.11% 2.39% 2.03% 2.40% 3.42% 11.36% 25.76%
French franc 2.35% 2.71% 0.58% 0.97% 1.16% 0.73% 1.11%
Canadian dollar 2.02% 1.94% 1.77% 1.75% 1.83% 1.42%
Australian dollar 1.80% 1.69% 1.77% 1.59% 1.82% 1.46%
Chinese renminbi 1.23% 1.08%
Swiss franc 0.18% 0.16% 0.27% 0.24% 0.27% 0.21% 0.08% 0.13% 0.12% 0.14% 0.16% 0.17% 0.15% 0.17% 0.23% 0.41% 0.25% 0.27% 0.33% 0.84% 1.40% 2.25% 1.34% 0.61%
Dutch guilder 0.32% 1.15% 0.78% 0.89% 0.66% 0.08%
Other 2.50% 2.37% 2.86% 2.83% 2.84% 3.26% 5.49% 4.43% 3.04% 2.20% 1.83% 1.81% 1.74% 1.87% 2.01% 1.58% 1.31% 1.49% 4.87% 4.89% 2.13% 1.29% 1.58% 0.43% 0.03%
Source: World Currency Composition of Official Foreign Exchange Reserves International Monetary Fund
The percental composition of currencies of official foreign exchange reserves from 1995 to 2017.[11][12][13]
US dollar
Euro
German mark
French franc
Pound sterling
Japanese yen
Other
v
t
e
Theory[edit]
Economists debate whether a single reserve currency will always dominate the global economy.[14] Many have recently argued that one currency will almost always dominate due to network externalities (sometimes called "the network effect"), especially in the field of invoicing trade and denominating foreign debt securities, meaning that there are strong incentives to conform to the choice that dominates the marketplace. The argument is that, in the absence of sufficiently large shocks, a currency that dominates the marketplace will not lose much ground to challengers.
However, some economists, such as Barry Eichengreen, argue that this is not as true when it comes to the denomination of official reserves because the network externalities are not strong. As long as the currency's market is sufficiently liquid, the benefits of reserve diversification are strong, as it insures against large capital losses. The implication is that the world may well soon begin to move away from a financial system dominated uniquely by the US dollar. In the first half of the 20th century multiple currencies did share the status as primary reserve currencies. Although the British Sterling was the largest currency, both the French franc and the German mark shared large portions of the market until the First World War, after which the mark was replaced by the dollar. Since the Second World War, the dollar has dominated official reserves, but this is likely a reflection of the unusual domination of the American economy during this period, as well as official discouragement of reserve status from the potential rivals, Germany and Japan.
The top reserve currency is generally selected by the banking community for the strength and stability of the economy in which it is used. Thus, as a currency becomes less stable, or its economy becomes less dominant, bankers may over time abandon it for a currency issued by a larger or more stable economy. This can take a relatively long time, as recognition is important in determining a reserve currency. For example, it took many years after the United States overtook the United Kingdom as the world's largest economy before the dollar overtook the pound sterling as the dominant global reserve currency.[15] In 1944, when the US dollar was chosen as the world reference currency at Bretton Woods, it was only the second currency in global reserves.[15]
The G8 also frequently issues public statements as to exchange rates. In the past due to the Plaza Accord, its predecessor bodies could directly manipulate rates to reverse large trade deficits.
Major reserve currencies[edit]
Distribution of global reserve currencies
United States dollar[edit]
Main article: United States dollar
The United States dollar is the most widely held currency in the Allocated Reserves today. Throughout the last decade, an average of two thirds of the total Allocated foreign exchange reserves of countries have been in US dollars. For this reason, the US dollar is said to have "reserve-currency status", making it somewhat easier for the United States to run higher trade deficits with greatly postponed economic impact or even postponing a currency crisis. Central bank reserves held in dollar-denominated debt, however, are small compared to private holdings of such debt. In the event that non-United States holders of dollar-denominated assets decided to shift holdings to assets denominated in other currencies, there could be serious consequences for the US economy. Changes of this kind are rare, and typically change takes place gradually over time; the markets involved adjust accordingly.[15]
However, the dollar remains the favorite reserve currency because it has stability along with assets such as United States Treasury security that have both scale and liquidity.[16]
The US dollar's dominant position in global reserves is challenged occasionally, because of the growing share of unallocated reserves, and because of the doubt regarding dollar stability in the long term.[17][18][19][20][21] However, in the aftermath of the financial crisis, the dollar’s share in the world’s foreign-exchange trades rose slightly from 85% in 2010 to 87% in 2013.[22]
The dollar's role as the undisputed reserve currency of the world allows the United States to impose unilateral sanctions against actions performed between other countries, for example the American fine against BNP Paribas for violations of U.S. sanctions that were not laws of France or the other countries involved in the transactions.[23] In 2014 Beijing and Moscow signed a 150 billion yuan central bank liquidity swap line agreement to get around American sanctions on their behaviors.[24]
Euro[edit]
Further information: International status and usage of the euro
The euro is currently the second most commonly held reserve currency, comprising about a quarter of allocated holdings. After World War II and the rebuilding of the German economy, the German Deutsche Mark gained the status of the second most important reserve currency after the US dollar. When the euro was introduced on 1 January 1999, replacing the Mark, French franc and ten other European currencies, it inherited the status of a major reserve currency from the Mark. Since then, its contribution to official reserves has risen continually as banks seek to diversify their reserves, and trade in the eurozone continues to expand.[25]
Former U.S. Federal Reserve Chairman Alan Greenspan said in September 2007 that the euro could replace the U.S. dollar as the world's primary reserve currency. It was "absolutely conceivable that the euro will replace the US dollar as reserve currency, or will be traded as an equally important reserve currency."[26] Econometric analysis by Jeffrey Frankel and Menzie Chinn in 2006 suggested that the euro could replace the U.S. dollar as the major reserve currency by 2020 if either the remaining EU members, including the UK and Denmark, adopted the euro by 2020, or the recent depreciation trend of the dollar persisted into the future.[27][28] In recent years, the euro's share of the worldwide currency reserve basket has continued to increase—albeit at a slower rate than before the beginning of the worldwide credit crunch related recession and Eurozone crisis, which harmed the euro and slowed its adoption.[29] Since 2009, the reserve currency use of the euro has continued to drop, down to 23.9 percent in 2013.[30]
Other reserve currencies[edit]
Dutch guilder[edit]
The Dutch guilder was the de facto reserve currency in Europe in 17th and 18th centuries.[3][31]
Pound sterling[edit]
The United Kingdom's pound sterling was the primary reserve currency of much of the world in the 19th century and first half of the 20th century.[15] The emergence of the USA as an economic superpower, and the establishment of the U.S. Federal Reserve System in 1913,[32] and U.S. economic dominance from the second half of the 20th century onward, as well as economic weakness in the UK at various times during the second half of the 20th century, resulted in Sterling losing its status as the world's most important reserve currency: in the 1950s 55% of global reserves were still held in sterling; but the share was 10% lower within 20 years.[15][33]
Since 2006, with the exception of 2012, Sterling is the third most widely held reserve currency, having seen a resurgence in popularity in recent years, growing from about 2.5% to around 4% of all currency reserves.[34] Analysts said this resurgence was caused by carry-trade investors considering the pound as a stable high-yield proxy to the euro, and by the position of London in world financial affairs.[35]
Japanese yen[edit]
Japan's yen is part of the International Monetary Fund's (IMF) special drawing rights (SDR) valuation. The SDR currency value is determined daily by the IMF, based on the exchange rates of the currencies making up the basket, as quoted at noon at the London market. The valuation basket is reviewed and adjusted every five years.[36]
The SDR Values and yen conversion for government procurement are used by the Japan External Trade Organization for Japan's official procurement in international trade.[37]
Swiss franc[edit]
The Swiss franc, despite gaining ground among the world's foreign-currency reserves[38] and being often used in denominating foreign loans,[39] cannot be considered as a world reserve currency, since the share of all foreign exchange reserves held in Swiss francs has historically been well below 0.5%. The daily trading market turnover of the franc, however, ranked fifth, or about 3.4%, among all currencies in a 2007 survey by the Bank for International Settlements.[40]
Canadian dollar[edit]
A number of central banks (and commercial banks) keep Canadian dollars as a reserve currency. In the economy of the Americas, the Canadian dollar plays a similar role to that played by the Australian dollar (AUD) in the Asia-Pacific region. The Canadian dollar (as a regional reserve currency for banking) has been an important part of the British, French and Dutch Caribbean states' economies and finance systems since the 1950s.[41] The Canadian dollar is also held by many central banks in Central America and South America. It is held in Latin America because of remittances and international trade in the region.[41]
Because Canada’s primary foreign-trade relationship is with the United States, Canadian consumers, economists, and many businesses primarily define and value the Canadian dollar in terms of the United States dollar. Thus, by observing how the Canadian dollar floats in terms of the US dollar, foreign-exchange economists can indirectly observe internal behaviours and patterns in the US economy that could not be seen by direct observation. Also, because it is considered a petrodollar, the Canadian dollar has only fully evolved into a global reserve currency since the 1970s, when it was floated against all other world currencies.
The Canadian dollar, since 2013, is ranked 5th among foreign currency reserves in the world.[42]
Chinese yuan[edit]
Main article: Internationalization of the renminbi
Chinese yuan officially became a world reserve currency on November 30, 2015. It represents 10.92% of the IMF's Special Drawing Rights currency basket.[43][44] This makes Chinese yuan the third reserve currency after the US dollar and Euro.[43]
Calls for an alternative reserve currency[edit]
A report released by the United Nations Conference on Trade and Development in 2010, called for abandoning the U.S. dollar as the single major reserve currency. The report states that the new reserve system should not be based on a single currency or even multiple national currencies but instead permit the emission of international liquidity to create a more stable global financial system.[45][46][47]
Countries such as Russia and the People's Republic of China, central banks, and economic analysts and groups, such as the Gulf Cooperation Council, have expressed a desire to see an independent new currency replace the dollar as the reserve currency.
On 10 July 2009, Russian President Medvedev proposed a new 'world currency' at the G8 meeting in London as an alternative reserve currency to replace the dollar.[48]
China, Russia, India, Turkey, Brazil, Venezuela and other oil-producing countries have recently agreed "to transact all of their mutual trade and investment in their own currencies" effectively minimizing the need, at least in the short term, for a global reserve currency.[49] Nevertheless, at the beginning of the 21st century, gold and crude oil were still priced in dollars, which helps export inflation and has brought complaints about OPEC's policies of managing oil quotas to maintain dollar price stability.[50]
Reserve Currency Backed Tokens[edit]
In 2018 a new Reserve Currency Backed Token Exchange (RCBTE) rcbt exchange was announced by exchange CEO, John Ossenmacher, the RCBT facilitates issued tokens to be backed by Reserve Currencies. This system of secure digital backed tokens opens the door to a multiple reserve currency system. 17 April 2017. "How Reserve Currency Works in a Token Economy".
Special drawing rights[edit]
Some have proposed the use of the International Monetary Fund's (IMF) special drawing rights (SDRs) as a reserve.
China has proposed using SDRs, calculated daily from a basket of U.S. dollar, euro, Japanese yen and British pounds, for international payments.[51]
On 3 September 2009, the United Nations Conference on Trade and Development (UNCTAD) issued a report calling for a new reserve currency based on the SDR, managed by a new global reserve bank.[52] The IMF released a report in February 2011, stating that using SDRs "could help stabilize the global financial system."[53]
See also[edit]
Commodity currency
Exorbitant privilege
Floating currency
Foreign exchange reserves
Cryptocurrency
Fiat currency
Hard currency
Krugerrand
Seigniorage
Special drawing rights
Triffin dilemma
World currency
References[edit]
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Further reading[edit]
Prasad, Eswar S. (2014). The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance. Princeton, NJ: Princeton University Press. ISBN 978-0-691-16112-9.
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Statute of frauds
From Wikipedia, the free encyclopedia
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Contract law
]
Part of the common law series
Contract formation
Offer and acceptance
Posting rule
Mirror image rule
Invitation to treat
Firm offer
Consideration
Implication-in-fact
Collateral contract
Defenses against formation
Lack of capacity
Duress
Undue influence
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Statute of frauds
Non est factum
Contract interpretation
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Integration clause
Contra proferentem
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Frustration of purpose
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Evidence
v
t
e
The statute of frauds refers to the requirement that certain kinds of contracts be memorialized in a writing, signed by the party to be charged, with sufficient content to evidence the contract.[1][2]
Traditionally, the statute of frauds requires a signed writing in the following circumstances:
Contracts in consideration of marriage. This provision covers prenuptial agreements.
Contracts that cannot be performed within one year. However, contracts of indefinite duration do not fall under the statute of frauds regardless of how long the performance actually takes.
Contracts for the transfer of an interest in land. This applies not only to a contract to sell land but also to any other contract in which land or an interest in it is disposed, such as the grant of a mortgage or an easement.
Contracts by the executor of a will to pay a debt of the estate with his own money.
Contracts for the sale of goods totaling $500.00 or more.
Contracts in which one party becomes a surety (acts as guarantor) for another party's debt or other obligation.
In an action for specific performance of a contract to convey land, the agreement must be in writing to satisfy the statute of frauds. The statute is satisfied if the contract to convey is evidenced by a writing or writings containing the essential terms of a purchase and sale agreement and signed by the party against whom the contract is to be enforced. If there is no written agreement, a court of equity can specifically enforce an oral agreement to convey only if the part performance doctrine is satisfied. In most jurisdictions, part performance is proven when the purchaser pays the purchase price, has possession of the land and makes improvements on the land, all with the permission of the seller. No jurisdiction is satisfied by payment of the purchase price alone.[citation needed]
Under common law, the statute of frauds also applies to contract modifications. For example, in an oral agreement for the lease of a car, immediately after taking possession the lessor may decides that he really likes the car and make an oral offer to the lessee to extend the term of the lease by six months. Although neither agreement alone comes under the statute of frauds, the oral extension modifies the original contract to make it a fifteen-month lease, thereby bringing it under the statute as the contract now exceeds twelve months in duration. In theory, the same principle works in reverse as well, such that an agreement to reduce a lease from fifteen months to nine months would not require a writing. However, many jurisdictions have enacted statutes that require a writing for such situations.
Contents
[hide]
1 Terminology
2 Raising the defense
3 Exceptions
4 Canada
5 Ireland
6 United Kingdom
6.1 England and Wales
6.2 Scotland
7 United States
7.1 State laws
7.2 Uniform Commercial Code
8 See also
9 References
10 External links
Terminology[edit]
The term statute of frauds comes from an Act of the Parliament of England (29 Chas. 2 c. 3) passed in 1677 (authored by Lord Nottingham assisted by Sir Matthew Hale, Sir Francis North and Sir Leoline Jenkins.[3] and passed by the Cavalier Parliament), the title of which is An Act for Prevention of Frauds and Perjuries.[4] Many common law jurisdictions have made similar statutory provisions, while a number of civil law jurisdictions have equivalent legislation incorporated into their civil codes. The original English statute itself may still be in effect in a number of Canadian provinces, depending on the constitutional or reception statute of English law, and any subsequent legislative developments.[citation needed]
Raising the defense[edit]
A defendant in a contract case who wants to use the statute of frauds as a defense must raise it as an affirmative defense in a timely manner.[5] The burden of proving that a written contract exists comes into play only when a statute of frauds defense is raised by the defendant.
Exceptions[edit]
An agreement may be enforced even if it does not comply with the statute of frauds in the following situations:
Admission of the existence of a contract by the defendant under oath.[6]
A statute of frauds defense may also be affected by a showing of part performance by proving the existence of one of two different conditions. If the parties have taken action in reliance on the agreement, as in the case Riley v. Capital Airlines, Inc., the court held that part performance does not take an executory portion of a contract out of the statute of frauds. Each performance constitutes a contract that falls outside the Statute of Frauds and was enforceable to the extent it is executed. However, the unexecuted portion of the contract falls within the Statute of Frauds and is unenforceable. As a result, only the executed portion of the contract can be recovered, and the doctrine of part performance does not remove the contract from the statute. On the other hand, the court, in Schwedes v. Romain, held that partial performance and grounds for estoppel can make the contract effective.
Promissory estoppel can be applied in many but not all jurisdictions when the charging party detrimentally relies on the otherwise unenforceable contract.[7] In England and Wales, the circumstances where promissory estoppel may be used to overcome the statute are limited,[8] and some jurisdictions deny this possibility altogether.
The "main purpose rule" as it relates to guarantee or suretyship type contracts: where the promisor's promise to answer for the debt of another is made mainly for the promisor's own economic advantage, then it is a primary promise, and enforceable even without a writing.
Easements by implication: easements, which are agreements that permit the use of real estate by someone who has no property interest in the land, may be created by operation of law rather than by written instrument. This may happen where, for example, a piece of land is partitioned between owners and pre-existing utilities routes or access paths that would otherwise be trespassory over one of the plots is reasonably necessary for enjoyment of the other plot. In such case, the pre-existing use must be apparent and continuous at the time of the partition for an easement to be created by implication. The implied easement constitutes an interest in land that does not require a writing to be enforceable.
In the United States, for contracts for the sale of goods that fall under the Uniform Commercial Code, additional exceptions may apply:
Merchant confirmation rule. If one merchant sends a writing sufficient to satisfy the statute of frauds to another merchant and the receiving merchant has reason to know of the contents of the sent confirmation and does not object to the confirmation within 10 days, the confirmation is good to satisfy the statute as to both parties, even if the confirmation was not signed by the party to be charged.[9]
The goods were specially manufactured for the buyer and the seller either 1) began manufacturing them, or 2) entered into a third party contract for their manufacture, and the manufacturer cannot without undue burden sell the goods to another person in the seller's ordinary course of business: for example, T-shirts with a Little League baseball team logo or wall-to-wall carpeting for an odd-sized room.[10]
Canada[edit]
The Statute of Frauds recites that it was enacted for the “. . . prevention of many fraudulent practices which are commonly endeavored to be upheld by perjury . . .”. The mischief arising from claimants asserting oral agreements was to be avoided by requiring that certain contracts be evidenced by “some memorandum or note thereof . . . in writing and signed by the party to be charged therewith . . .”. Contracts respecting land “created by livery and seisen only or by parole” would not be enforced absent such a writing.[citation needed]
It quickly became apparent to the common law judges that the Statute might itself become an instrument of fraud (or at least injustice) if it was strictly enforced with respect to contracts that were wholly or partly performed.[11]
The courts developed the concept of “part performance” as an exception. If a contract concerning land was partly performed, that could displace the need for a note or memorandum in writing signed by the party to be charged.
It was one thing to create an exception that displaced the need for a memorandum in writing, but something else to completely nullify the Statute’s operation. The thrust of the Statute was that contracts concerning land could not be proved by parol evidence alone. Thus, part performance might be an exception, but it could not, in effect, mean that the underlying contract could be proven by parol evidence. In developing the “part performance” exception, a balancing of the competing considerations was required. An important factor in the case law became that the part performance must be “unequivocally” related to the alleged contract.[citation needed]
Ireland[edit]
The Statute of Frauds was passed in 1695 in Ireland.[12] The statute is one of the few pre-Independence laws that survived the Statute Law Revision (Pre-1922) Act 2005 and the Statute Law Revision Act 2007, and remains largely in force today.
Some effects of the law have been softened by equity, for example the requirement that all contracts for sale of land be evidenced in writing can be circumvented by reliance on the doctrine of part performance.
United Kingdom[edit]
England and Wales[edit]
The Statute of Frauds[13] (1677) was largely repealed in England and Wales by the Law Reform (Enforcement of Contracts) Act 1954 (2 & 3 Eliz 2 c 34). The only provision of it that is still extant is that part of Section 4[14] which provides that contracts of guarantee (surety for another's debt) are unenforceable unless evidenced in writing. This requirement is subject to section 3 of the Mercantile Law Amendment Act 1856[15] (19 & 20 Vict 97) which provides that the consideration for the guarantee need not appear in writing or by necessary inference from a written document.
Section 6[16] of the Statute of Frauds Amendment Act 1828[17] (9 Geo 4 c 14) (commonly known as Lord Tenterden's Act)[18] was enacted to prevent section 4 of the 1677 Act being circumvented by bringing an action for the tort of deceit (the tort in Freeman v. Palsey[19]).
The provision in section 4 that related to contracts for the sale of land was repealed by Schedule 7 to the Law of Property Act 1925 (15 Geo 5 c 20), however the requirement that contracts for the sale of land be evidenced in writing was maintained by section 40 of that Act,[20] subsequently replaced by section 2[21] of the Law of Property (Miscellaneous Provisions) Act 1989 (c 34).
Scotland[edit]
Section 6 of the Mercantile Law Amendment Act Scotland 1856[22] was derived from those parts of section 4 of the Statute of Frauds (1677) which relate to contracts of guarantee and from section 6 of the Statute of Frauds Amendment Act 1828.
It was repealed on 1 August 1995[23][24] by the Requirements of Writing (Scotland) Act 1995, sections 14(2)[25] and Schedule 5[26] (with ss. 9(3)(5)(7), 13, 14(3)).
United States[edit]
State laws[edit]
Every state has a statute that requires certain types of contracts to be in writing and signed by the party to be charged. The most common requirements are for contracts that involve the sale or transfer of land, and contracts that cannot be completed within one year.[27] When the statute of frauds applies, a typical statute requires that the writing commemorating the agreement identify the contracting parties, recite the subject matter of the contract so that it is reasonably identifiable, and include the important terms and conditions of agreement.[28]
The statute of frauds in various states comes in two types:
those that follow the English Statute and provide that "no action shall be brought" on the contract or the contract "shall not be enforced"
Those that declare contracts "void"[29]
Uniform Commercial Code[edit]
In addition to general statutes of frauds, under Article 2 of the Uniform Commercial Code (UCC), every state except Louisiana has adopted an additional statute of frauds that relates to the sale of goods. Pursuant to the UCC, contracts for the sale of goods where the price equals $500 or more fall under the statute of frauds, with the exceptions for professional merchants performing their normal business transactions, and for any custom-made items designed for one specific buyer.[30]
The application of the statute of frauds to dealings between merchants has been modified by provisions of the UCC. There is a "catch-all" provision in the UCC for personal property not covered by any other specific law,[31] stating that a contract for the sale of such property where the purchase price exceeds $500 is not enforceable unless memorialized by a signed writing. The most recent UCC revision increases the triggering point for the UCC Statute of Frauds to $5,000, but states have been slow to amend their versions of the statute to increase the trigger point.
For purposes of the UCC, a defendant who admits the existence of the contract in his pleadings, under oath in a deposition or affidavit, or at trial, may not use the statute of frauds as a defense. However, a statute of frauds defense may still be available under a state's the general statute.
With respect to securities transactions, the Uniform Commercial Code has abrogated the statute of frauds.[32] The drafters of the most recent revision commented that "with the increasing use of electronic means of communication, the statute of frauds is unsuited to the realities of the securities business."
See also[edit]
Oral contract
Parol evidence rule
Quia Emptores
References[edit]
Jump up ^ Drachsler, Leo M. (1958). "The British Statute of Frauds - British Reform and American Experience". Section of International and Comparative Law Bulletin. 3 (24).
Jump up ^ The list of contracts that fall under a traditional statute of frauds can be remembered by using the mnemonic "MY LEGS": Marriage, contracts for more than one Year, Land, Executor (or Estate), Goods ($500.00 or more), Surety.
Jump up ^ Cosgigan Jr., George P. (1913). "The Date and Authorship of Statute of Frauds". Harvard Law Review. 26: 329 at 334–42. doi:10.2307/1326318.
Jump up ^ 'Charles II, 1677: An Act for prevention of Frauds and Perjuryes.', Statutes of the Realm: volume 5: 1628-80 (1991), pp. 839-42. "Report". Retrieved 6 March 2007.
Jump up ^ Herbert, M.J. (Summer 1992). "Procedure and Promise: Rethinking the Admissions Exception to the Statute of Frauds under UCC Articles 2, 2A, and 8". Oklahoma Law Review. 45 (2): 203. Retrieved 4 September 2017.
Jump up ^ U.C.C. 2-201(3)(b)
Jump up ^ Summers, Lionel Morgan (1931). "The Doctrine of Estoppel Applied to the Statute of Frauds". University of Pennsylvania Law Review and American Law Register. 79 (4): 440–464. JSTOR 3307890.
Jump up ^ Actionstrength Ltd (t/a Vital Resources) v. International Glass Engineering In.Gl.En. SpA & Ors [2003] UKHL 17, [2003] 2 AC 541 (3 April 2003)
Jump up ^ U.C.C. 2-201(2)
Jump up ^ U.C.C. 2-201(3)(a)
Jump up ^ "Hill v. Nova Scotia (Attorney General) (1997)". CanLII. lexum. Retrieved 4 September 2017.
Jump up ^ "Statute of Frauds 1695 - An Act for Prevention of Frauds and Perjuries". eISB. Government of Ireland. Retrieved 4 September 2017.
Jump up ^ This short title was given by the Short Titles Act 1896. It is written here as printed in "The Public General Acts, 1896", HMSO, 1896.
Jump up ^ "Statute of Frauds (1677), Sec. IV". legislation.gov.uk. The National Archives. Retrieved 4 September 2017.
Jump up ^ "Mercantile Law Amendment Act 1856, Sec. 3". legislation.gov.uk. The National Archives. Retrieved 4 September 2017.
Jump up ^ "Statute of Frauds Amendment Act 1828, Sec. 6". legislation.gov.uk. The National Archive. Retrieved 4 September 2017.
Jump up ^ This short title was given by the Short Titles Act 1896
Jump up ^ Clerk and Lindsell on Torts, 16th Edition, 1989, Sweet and Maxwell, paragraph 18-41, at page 1036
Jump up ^ (1789) 3TR 51
Jump up ^ "Law of Property Act 1925, Sec. 40". legislation.gov.uk. National Archive. Retrieved 4 September 2017.
Jump up ^ "Law of Property (Miscellaneous Provisions) Act 1989, Sec. 2". legislation.co.uk. The National Archive. Retrieved 4 September 2017.
Jump up ^ "Mercantile Law Amendment Act Scotland 1856, c. 60, s. VI". Legislation.gov.uk. The National Archives.
Jump up ^ "Mercantile Law Amendment Act Scotland 1856". legislation.gov.uk. The National Archive. Retrieved 4 September 2017.
Jump up ^ "Requirements of Writing (Scotland) Act 1995". legislation.gov.uk. The National Archive. Retrieved 4 September 2017.
Jump up ^ "Requirements of Writing (Scotland) Act 1995, Sec. 14". legislation.gov.uk. The National Archive. Retrieved 4 September 2017.
Jump up ^ "Requirements of Writing (Scotland) Act 1995, Schedule 5". legislation.gov.uk. The National Archive. Retrieved 4 September 2017.
Jump up ^ Staff, LII (6 August 2007). "Statute of frauds".
Jump up ^ Larson, Aaron (20 May 2016). "The Statute of Frauds and Contract Law". ExpertLaw. Retrieved 4 September 2017.
Jump up ^ 3 Williston, Contracts §§526, 527 (3d ed. Jager 1960)
Jump up ^ UCC § 2-201
Jump up ^ UCC § 1-206
Jump up ^ UCC § 8-319
External links[edit]
Statute of Frauds definition at UCC § 2-201
Text of the Statute of Frauds 1677 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk Last accessed:22:04, Friday September 30, 2011 (UTC)
"Statutes of the Realm: volume 5: 1628-80 (1819), pp. 839-42.". Retrieved 9 April 2013.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Statute_of_frauds&oldid=804268468"
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When the Going Gets Tough, the Tough Get Going (song)
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This article is about the 1985 song by Billy Ocean. For the 1985 song by Raven, see Stay Hard. For other uses, see When the Going Gets Tough.
"When the Going Gets Tough, the Tough Get Going"
Standard picture sleeve
Single by Billy Ocean
from the album The Jewel of the Nile Soundtrack and Love Zone
Released
15 November 1985 (US)
January 1986 (UK)
Format
7", 12" single
Recorded
1985
Genre
R&B, funk
Length
5:44 (album version)
4:08 (radio edit)
Label
Jive
Songwriter(s)
Wayne Anton Brathwaite, Barry James Eastmond, Mutt Lange, Billy Ocean
Producer(s)
Barry Eastmond, Wayne Brathwaite
Billy Ocean singles chronology
"Suddenly"
(1985) "When the Going Gets Tough, the Tough Get Going"
(1985) "There'll Be Sad Songs (To Make You Cry)"
(1986)
"Suddenly"
(1985) "When the Going Gets Tough, the Tough Get Going"
(1986) "There'll Be Sad Songs (To Make You Cry)"
(1986)
Audio sample
file
help
"When the Going Gets Tough, the Tough Get Going" is a song co-written and originally recorded by English singer Billy Ocean in 1985.
Written by Wayne Brathwaite, Barry Eastmond, Mutt Lange and Billy Ocean, the song was used as the theme song for the Michael Douglas film, The Jewel of the Nile. The saxophone solo is by Vernon Jeffrey Smith.[1]
Aided by a video featuring Michael Douglas and co-stars Kathleen Turner and Danny DeVito as lip-synching backup singers, the song became a major international hit reaching number one on the UK Singles Chart for four weeks in February 1986,[2] and number two on the Billboard Hot 100 singles chart, stalling behind "How Will I Know" by Whitney Houston.
Contents
[hide]
1 12" track listing
2 Chart performance
3 Boyzone version
3.1 Track listing
3.2 Charts
3.2.1 Year-end charts
3.3 Certifications
4 Usage in media
5 References
6 External links
12" track listing[edit]
A1 "When the Going Gets Tough, the Tough Get Going" (extended version) – 5:43
A2 "When the Going Gets Tough, the Tough Get Going" (7" version) – 4:08
B1 "When the Going Gets Tough, the Tough Get Going" (club mix) – 7:35
B2 "When the Going Gets Tough, the Tough Get Going" (instrumental) – 5:12[3]
Other Versions
7th Heaven Club Mix - 6:44
7th Heaven Radio Edit - 4:22
Chart performance[edit]
Chart (1986)
Peak
position
Australia (Kent Music Report)[4] 1
Austrian Singles Chart 8
Belgian Singles Chart 1
Canadian Singles Chart 1
Dutch Singles Chart 1
French Singles Chart 6
German Singles Chart 2
Irish Singles Chart 1
New Zealand Singles Chart 3
Norwegian Singles Chart 1
Spain (AFYVE)[5] 2
Swedish Singles Chart 2
Swiss Singles Chart 2
UK Singles Chart[6] 1
U.S. Billboard Hot 100 2
U.S. Billboard Hot Soul Singles 6
U.S. Billboard Hot Adult Contemporary 2
U.S. Billboard Hot Dance Club Play 31
Boyzone version[edit]
"When the Going Gets Tough"
Single by Boyzone
from the album By Request
Released
1 March 1999
Genre
Pop
Length
5:44 (album version)
4:08 (UK radio edit))
2:59 (US radio edit)
Label
Universal
Songwriter(s)
Billy Ocean
Producer(s)
Mike Mangini, Trevor Steel, Carl Sturken, Nigel Wright, Absolute, Jim Steinman, Ian Curnow, Mark Hudson
Boyzone singles chronology
"I Love the Way You Love Me"
(1998) "When the Going Gets Tough"
(1999) "You Needed Me"
(1999)
"I Love the Way You Love Me"
(1998) "When the Going Gets Tough"
(1999) "You Needed Me"
(1999)
The Irish boyband Boyzone recorded a cover version for the 1999 Comic Relief telethon, shortening the title to "When The Going Gets Tough". Their version reached number #1 on the UK Singles Chart.[6] The song received a platinum certification in the UK.[7] The video included Graham Norton, Jo Brand, Phill Jupitus, Mel Smith, Davina McCall, Harry Hill, Steve Collins, John McCririck, Jimmy White, Mystic Meg, Will Mellor, James Dreyfus, the cast of Emmerdale, Adam Buxton and Joe Cornish, and Ulrika Jonsson and Saracen from Gladiators.
Track listing[edit]
CD1
"When the Going Gets Tough" - 3:35
"What a Wonderful World" (Featuring Alison Moyet) - 4:00
"Love Can Build a Bridge" - 3:59
CD2 (Limited Edition Pop Up Red Nose Digipak)[8]
"When the Going Gets Tough" - 3:35
"I'll Never Not Need You" - 4:07
Charts[edit]
Chart (1999)
Peak
position
Europe (Eurochart Hot 100)[9] 7
French Singles Chart[10] 71
Irish Singles Chart[11] 2
Japanese Singles Chart[12] 91
Scottish Singles Chart[13] 1
UK Singles Chart[14] 1
Year-end charts[edit]
Chart (1999)
Position
UK Singles Chart[citation needed] 10
Certifications[edit]
Region
Certification
Certified units/Sales
United Kingdom (BPI)[15]
Platinum 600,000^
^shipments figures based on certification alone
Usage in media[edit]
This section does not cite any sources. Please help improve this section by adding citations to reliable sources. Unsourced material may be challenged and removed. (March 2018) (Learn how and when to remove this template message)
In 1994 the song was used for a clip of the 1986 edition of the BBC documentary The Rock 'n' Roll Years featuring coverage of the People Power Revolution in the Philippines. Three years later, it was also used as a background song in the 1985-86 football season edition of Match of the 80s, during coverage of the challenge Kenny Dalglish faced on his appointment as player-manager of Liverpool F.C..
In the 2008 film Easy Virtue a cover version, in 1920s faux-jazz style, featured in the closing credits performed by Colin Firth, Ben Barnes, Jessica Biel, and Andy Caine.
The song was used in the film Keith Lemon: The Film (2012), as an ongoing theme, highlighting the claim that Billy Ocean was Lemon's father. Ocean himself appears in a cameo role.
In 1986, during the shows Championship Wrestling, Superstars of Wrestling and occasionally Prime Time Wrestling, the WWE (then called the WWF - World Wrestling Federation) would sometimes play the opening part of the song during a replay of a wrestling finishing move.
References[edit]
Jump up ^ "V. JEFFREY SMITH (TORS-Producer/Sound Engineer)... - The Outlet Radio Show". Theoutletradioshow.tumblr.com. 15 March 2015. Retrieved 30 November 2015.
Jump up ^ Roberts, David (2006). British Hit Singles & Albums (19th ed.). London: Guinness World Records Limited. pp. 458–9. ISBN 1-904994-10-5.
Jump up ^ "Billy Ocean - When The Going Gets Tough, The Tough Get Going (Vinyl) at Discogs". Discogs.com. Retrieved 2014-03-30.
Jump up ^ Kent, David (1993). Australian Chart Book 1970–1992 (Illustrated ed.). St. Ives, N.S.W.: Australian Chart Book. p. 221. ISBN 0-646-11917-6. N.B. The Kent Report chart was licensed by ARIA between mid 1983 and 19 June 1988.
Jump up ^ Salaverri, Fernando (September 2005). Sólo éxitos: año a año, 1959–2002 (1st ed.). Spain: Fundación Autor-SGAE. ISBN 84-8048-639-2.
^ Jump up to: a b Roberts, David (2006). British Hit Singles & Albums (19th ed.). London: Guinness World Records Limited. p. 631. ISBN 1-904994-10-5.
Jump up ^ "British certifications – When the Going Gets Tough". British Phonographic Industry. Enter When the Going Gets Tough in the search field and then press Enter.
Jump up ^ "Boyzone When The Going Gets Tough - Pop Up France CD single (CD5 / 5") (142509)". Eil.com. Retrieved 2014-03-04.
Jump up ^ Nielsen Business Media, Inc (1999-03-20). "Billboard".
Jump up ^ Steffen Hung. "Boyzone - When The Going Gets Tough". dutchcharts.nl. Retrieved 2014-03-04.
Jump up ^ https://web.archive.org/web/20131018042138/http://www.irishcharts.ie/search/placement?page=2. Archived from the original on October 18, 2013. Retrieved January 8, 2012. Missing or empty |title= (help)
Jump up ^ "Boyzone ...By Request". Retrieved 2014-03-30.
Jump up ^ "Official Scottish Singles Chart Top 100: 07 March 1999 - 13 March 1999". Retrieved 2014-03-30.
Jump up ^ "ChartArchive - The Chart Archive". Chartstats.com. Retrieved 2014-03-30.
Jump up ^ "British single certifications – Boyzone – When the going gets tough". British Phonographic Industry. Select singles in the Format field. Select Platinum in the Certification field. Enter When the going gets tough in the search field and then press Enter.
External links[edit]
Lyrics of this song at MetroLyrics
show
v
t
e
Billy Ocean
Studio albums
Billy Ocean
Suddenly
Love Zone
Tear Down These Walls
Time to Move On
Singles
"Love Really Hurts Without You"
"Stay the Night"
"Caribbean Queen (No More Love on the Run)"
"Loverboy"
"Suddenly"
"When the Going Gets Tough, the Tough Get Going"
"There'll Be Sad Songs (To Make You Cry)"
"Love Zone"
"Love Is Forever"
"Get Outta My Dreams, Get into My Car"
"Calypso Crazy"
Related topics
Discography
Book:Billy Ocean
show
v
t
e
Boyzone
Keith Duffy
Mikey Graham
Ronan Keating
Shane Lynch
Stephen Gately
Studio albums
Said and Done
A Different Beat
Where We Belong
Brother
BZ20
Dublin to Detroit
Thank You & Goodnight
Compilation albums
By Request
Ballads – The Love Song Collection
Key to My Life: Collection
Back Again... No Matter What
B-Sides & Rarities
Love Me for a Reason – The Collection
Singles
"Working My Way Back to You"
"Love Me for a Reason"
"Key to My Life"
"So Good"
"Father and Son"
"Coming Home Now"
"Words"
"A Different Beat"
"Isn't It a Wonder"
"Picture of You"
"Mystical Experience"
"Picture of You"
"Baby Can I Hold You"
"All That I Need"
"No Matter What"
"I Love the Way You Love Me"
"When the Going Gets Tough"
"You Needed Me"
"Every Day I Love You"
"Love You Anyway"
"Better"
"Gave It All Away"
"Love Is a Hurricane"
"Love Will Save the Day"
"Light Up the Night"
Books
The Tree of Seasons
Related articles
Discography
Retrieved from "https://en.wikipedia.org/w/index.php?title=When_the_Going_Gets_Tough,_the_Tough_Get_Going_(song)&oldid=847140582"
Categories:
1986 songs
1986 singles
1996 singles
1999 singles
Billy Ocean songs
Boyzone songs
Comic Relief singles
Number-one singles in Australia
Number-one singles in Belgium
RPM Top Singles number-one singles
Dutch Top 40 number-one singles
European Hot 100 Singles number-one singles
Irish Singles Chart number-one singles
Number-one singles in Norway
Number-one singles in Scotland
UK Singles Chart number-one singles
Song recordings produced by Robert John "Mutt" Lange
Songs written by Robert John "Mutt" Lange
Songs written by Billy Ocean
Songs written by Barry Eastmond
Jive Records singles
Funk songs
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