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What Law States That a Contract Must Be in Writing to Be Enforceable

When it comes to legal matters, it is crucial to pay attention to every detail, including the form of the contract itself. In general, a contract is considered a legally binding agreement between two parties. However, not all contracts are recognized as enforceable in a court of law. So, what law states that a contract must be in writing to be enforceable? The answer lies in the Statute of Frauds.

The Statute of Frauds is a legal principle that requires certain types of contracts to be in writing to be enforceable. This law originally developed in English common law in the 17th century and has since been adopted by many countries, including the United States.

Under the Statute of Frauds, contracts that involve the following types of transactions must be in writing to be enforceable:

1. Contracts for the sale of goods worth $500 or more.

2. Contracts that cannot be completed within one year.

3. Contracts related to the transfer of an interest in land.

4. Contracts that involve the performance of a promise made by an executor or administrator of a deceased person`s estate.

5. Contracts in which one party agrees to pay the debt of another party.

The purpose of the Statute of Frauds is to prevent fraud and ensure that both parties fully understand the terms of the agreement they are entering into. By requiring certain contracts to be in writing, it reduces the potential for misunderstandings and disputes later on.

While the Statute of Frauds requires a contract to be in writing to be enforceable, it is important to note that the written agreement does not have to be formal or even typed. In some cases, a handwritten contract or an email exchange can be considered sufficient, as long as it meets the requirements of the law.

In conclusion, the Statute of Frauds is the law that states that certain types of contracts must be in writing to be enforceable. It is important for both parties to understand and adhere to the law as failure to comply may result in the contract being deemed unenforceable in court.