What is the Statute of Frauds?

• A. Statute of Frauds
• B. Statute of limitations
• C. Express contract
• D. Implied contract

Answer: (A)

The Statute of Frauds is a rule that certain kinds of contracts must be in writing to be enforceable. It exists to prevent fraud by ensuring there’s a tangible record of the agreement. Typically, it applies to contracts like real estate deals, agreements that can’t be completed within one year, promises to pay someone else’s debt, and contracts for the sale of goods above a certain amount. If such an agreement isn’t reduced to writing, it generally can’t be enforced in court.

Other terms describe different concepts: a statute of limitations limits how long you have to sue; an express contract is formed by explicit written or spoken terms; an implied contract is inferred from conduct.