Legal Definitions - Statute of frauds

The Statute of Frauds is a law that requires certain contracts to be in writing and signed by the parties involved in the contract. The purpose of this law is to prevent fraud and other harm.

Some of the most common types of contracts that fall under the Statute of Frauds include:

• Contracts that involve the sale or transfer of land
• Contracts that cannot be completed within one year

For example, if you were buying a house, the contract would need to be in writing and signed by both you and the seller. This is to prevent any fraudulent activity from taking place. Another example would be if you were entering into a contract that would take longer than a year to complete, such as a five-year lease agreement. This contract would also need to be in writing and signed by both parties.

The Statute of Frauds is an important law that helps protect individuals from fraudulent activity and ensures that contracts are legally binding.