Final answer:
True, contracts for the sale of real estate must be in writing to be enforceable, adhering to the Statute of Frauds. This legal requirement protects all parties involved by providing clear evidence of the agreement and facilitating transactions that contribute to economic growth.
Step-by-step explanation:
Contracts for the sale of real estate must indeed be in writing to be valid. This is true in accordance with the Statute of Frauds, which is a legal doctrine that requires certain types of contracts, including those for the sale of real property, to be in writing in order to be legally enforceable.
The requirement for a written contract ensures that there is clear evidence of the agreement between the parties involved, thereby reducing the likelihood of misunderstandings and disputes. This principle operates within a legal system that is designed to enforce contracts, allowing individuals and businesses to securely engage in transactions that contribute to economic growth.
For instance, if someone wants to sell their house, the agreement must be put down in writing to outline the terms of the sale, such as the purchase price and the property description. This written agreement serves as proof of the contract's terms and protects both the buyer's and the seller's interests. Without a written contract, such a transaction could be challenged, and the parties might face difficulties in enforcing the agreement.