Question

The Statute of Frauds requires:

A one or more writings that reflect the material terms of the contract, signed by the person sought to be held liable.

B a signed writing for suretyship promises that primarily serve the pecuniary interest of the promisor.

C the handwritten signature of the party sought to be held liable on some document acknowledging the existence of the contract.

D a formal written contract signed by both parties to the agreement.

Answer 1

The Statute of Frauds necessitates a written record that contains the essential terms of a contract and is signed by the party responsible for fulfilling the contract, to ensure enforceability and uphold contractual rights tied to property interests.

Step-by-step explanation:

The Statute of Frauds requires a one or more writings that reflect the material terms of the contract, signed by the person sought to be held liable. This legal principle plays a crucial role in ensuring that some types of contracts are enforceable, specifically those that are significant or cannot be completed within one year.

Contracts involving the sale of goods over a certain amount, the sale of real estate, agreements that cannot be performed within one year, promises to pay the debt of another, and marriage provisions typically fall under the Statute of Frauds. A proper understanding of this statute is essential to safeguard individual's contractual rights, which are based on property rights. These contractual rights allow individuals to enter into agreements regarding the use of their property with the assurance of legal recourse in cases of noncompliance.