This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
A contract which for its performance requires payment of money or delivery of property at intervals extending over a year from the date of making the contract is within the statute.1 Thus a promise to pay money in thirteen2 or in fourteen3 months; to pay one hundred dollars a year for four years ;4 to pay money annually during the life of a contract for ten years ;5 to repay the money paid for a patent-right in three years, if the profits during that time do not equal the purchase price;6 to extend a note for five years;7 to deliver personal property during two years,8 or at the end of four years;9 or to make exclusive use of a patent-right for seventeen years;10 to give an exclusive right to carry passengers from a certain wharf for three years ;11 a contract between the holder of certain overdue notes and the guarantor thereof that if the holder will foreclose the mortgage securing the notes and buy in the property, the guarantor will pay the amount due on the notes and the cost of foreclosure, if by the end of the period allowed for redemption after the sale, the debt is not paid and the property redeemed, where the redemption period is such as to postpone performance beyond the year;12 a contract of employment for five years;13 and a contract to operate a telephone line for twenty years;14 are all contracts which fall within this clause of the statute. So a contract to advance money and supplies necessary to produce successive crops will, in the course of nature, extend over more than one year and is within the statute.15
13 Baltimore Breweries Co. v. Callahan, 82 Md. 106; 33 Atl. 460. (In this case the writing was held sufficient to satisfy the statute.)
14Ward v. Matthews, 73 Cal. 13; 14 Pac. 604.
15 Blake v. Voigt, 134 N. Y. 69; 30 Am. St. Rep. 622; 31 N. E. 256.
16McArthur v. Printing Co., 48 Minn. 310; 31 Am. St. Rep. 653; 51 N. W. 216.
17 McArthur v. Printing Co.. 48 Minn. 319; 31 Am. St Rep. 653; 51 N. W. 216.
18 Kansas City, etc., Ry. v. Conlee, 43 Neb. 121; 61 N. W. 111.
1 Jackson Iron Co. v. Concentrating Co., 65 Fed. 298; 12 C. C. A. 636; De Montague v. Bacharach, 181 Mass. 256; 63 N. E. 435.
2Cowles v. Warner, 22 Minn. 449.
3Tierman v. Granger, 65 111. 351.
4 Parks v. Francis, 50 Vt. 626; 28 Am. Rep. 517.
5 Jackson Iron Co. v. Concentrating Co., 65 Fed. 298; 12 C. C. A. 636.
6 Lapham v. Whipple, 8 Met. (Mass.) 59; 41 Am. Dec. 487.