Statute of Frauds
A legal principle requiring certain types of contracts to be in writing to be enforceable, including contracts for the sale of land and agreements lasting more than one year.
Encyclopedia entry: Statute of Frauds
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statute of frauds
Statute of frauds is a statute requiring certain contracts to be in writing and signed by the parties bound by the contract. The purpose is to prevent fraud and other injury. The most common types of contracts to which the statute applies are contracts that involve the sale or transfer of land, (see: real estate transactions ), and contracts that cannot be completed within one year.
See also:
Y_amaha Motor Corp., U.S.A. v. Calhoun_, 516 U.S. 199 (1996)
Contracts for the sale of goods worth $500 or more. UCC § 2-201
[Last reviewed in June of 2024 by the Wex Definitions Team
]
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.