Question

Which of these types of contracts must be in writing under the requirements of the statute of frauds?

1) Contracts for the sale of goods over $500
2) Contracts for the sale of real estate
3) Contracts that cannot be performed within one year
4) Contracts for personal services
5) Contracts for the sale of intangible assets

Answer 1

Contracts for the sale of goods over $500, the sale of real estate, and those that cannot be performed within a year must be in writing according to the Statute of Frauds. Contracts for personal services and the sale of intangible assets are generally not included unless specific criteria are met.

Step-by-step explanation:

Under the Statute of Frauds, certain types of contracts must be in writing to be legally enforceable. The contracts that generally need to be in writing include:

1. Contracts for the sale of goods over $500.
2. Contracts for the sale of real estate.
3. Contracts that cannot be performed within one year.

However, contracts for personal services and contracts for the sale of intangible assets do not typically fall under the Statute of Frauds unless they meet specific criteria that require writing, such as personal service contracts expected to last beyond one year. Contractual rights, based on property rights, allow individuals and firms who own property to enter agreements regarding the use of their property. This provides legal recourse in events of disputes or breaches.