Question

The Statute of Frauds requires what types of contract to be in writing. What is a sufficient writing?

Answer 1

SOLUTION:-

* The statue of fraud is nothing but requirements for certain kind of conract that needs to be in a written from, signed by the parties involved with sufficient evidence. The main purpose is to prevent fraud and other types of injury.

* The important aspect of statute of frauds include

• It applies to certain types of contract and they are of six categories. These six categories should be in written from and not verbal and should be signed by the party. These include

1. Contracts for sale of an interest in land,

2. Contracts that require to be performed in more than 1 year,

3. Contracts about someone else's debt assumed by other,

4. Contracts in which marriage is a consideration,

5. Contracts for the sale of goods worth more than $500 and

6. Promises by executors or administrators to pay estate debts.

• The purpose of the contract is that it formalize the agreement between the parties so that it can be considered seriously.

• The statute of frauds prevent fraudulent conduct of one party to another.

* The sufficient writing must include the signature of the parties with sufficient content to evidence the contract.

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