Question

Give three examples of types of contracts that must be in writing according to the statute of frauds

Answer 1

The Statute of Frauds requires certain contracts to be in writing, including those for the sale of real estate, contracts that cannot be performed within one year, and contracts for the sale of goods priced at $500 or more.

Step-by-step explanation:

The Statute of Frauds is a legal principle that requires certain types of contracts to be in writing to be enforceable. Here are three examples:

• Contracts for the sale of real estate must be in writing due to the significant value and complexity of land transactions.
• Contracts that cannot be performed within one year from the date of the agreement typically must be written to ensure clarity over the extended period.
• Contracts for the sale of goods priced at $500 or more, as per the Uniform Commercial Code, must be documented to provide certainty in commercial transactions.

These written contracts serve to prevent misunderstandings, provide clear terms, and offer recorded evidence of the parties' agreement.