STATUTE OF FRAUDS

Statute of Frauds

Statute of Frauds

“The actual name of the Statute of Frauds is confusing because it does not actually apply to fraud” (Fundamentals of Business Law P197). Specifically, this statute determines which type of contracts must be in writing. In other words, the “Statute of Frauds” refers to the requirement that certain kinds of contracts be made in writing and signed. Traditionally, the Statute of Frauds requires a written contract signed by the contracting parties in the following circumstances: contracts involving land, contracts that cannot be performed within one year from the day it is signed, contracts that ...