Under the Statute of Frauds Which Contracts Must Be in Writing

Under the statute of frauds, certain types of contracts must be in writing in order to be enforceable. The statute of frauds is a law that requires certain contracts to be in writing in order to prevent fraudulent claims and misunderstandings between the parties involved. This article aims to explore the types of contracts that are covered under the statute of frauds.

Sale of Goods

According to the statute of frauds, contracts for the sale of goods valued at $500 or more must be in writing to be enforceable. The writing must contain the quantity, price, and description of the goods. Additionally, the contract must be signed by both parties.

Real Estate Contracts

Real estate contracts must be in writing under the statute of frauds. This includes contracts for the sale, lease, or rental of real estate. The writing must contain the names of the parties involved, the terms of the agreement, and a description of the property. The contract must also be signed by both parties.

Contracts That Cannot Be Performed Within One Year

Contracts that cannot be performed within one year must be in writing under the statute of frauds. This includes contracts for long-term services, such as employment contracts or contracts for the sale of an item that will not be delivered within a year. The writing must contain the terms of the agreement and be signed by both parties.

Contracts Made in Consideration of Marriage

Contracts made in consideration of marriage, also known as prenuptial agreements, must be in writing under the statute of frauds. The writing must contain the terms of the agreement and be signed by both parties.

Contracts for the Sale of Securities

Contracts for the sale of securities must be in writing under the statute of frauds. The writing must contain the terms of the agreement, including the price and quantity of the securities. The contract must also be signed by both parties.

In conclusion, contracts that must be in writing under the statute of frauds include contracts for the sale of goods, real estate contracts, contracts that cannot be performed within one year, contracts made in consideration of marriage, and contracts for the sale of securities. As a professional, it is important to ensure that this information is accurate and easy to understand for readers. By following the guidelines set forth in the statute of frauds, parties can prevent fraudulent claims and misunderstandings in their contractual agreements.