Question

This question is from business law

Understanding the reasoning behind the Statute of Frauds, describe one additional type of contract that you believe the law should require parties to put into writing before it will be enforced. Please explain your reasoning in detail. (Note: You should not identify a contract - such as a contract for sale of goods in excess of $500 - which the law already requires be written).

Answer 1

Generally, oral agreements are enforceable but such contracts are not normally prudent due to problems in proving their survival, they are binding if they can be proven.

The statute of frauds is a legal concept which makes specific types of contracts to be performed in writing. Such Contract typically include those for the sale of land, of any goods over $500 in value, and contracts of a year or more in length.

There are 6 types of contracts which must be in written form in order to satisfy the Statute of Frauds. Onceof them is:

Consideration of Marriage

            The Statute of Frauds applies in case of “marriage” or the “promise to marry” is the consideration that is offered by one party to an agreement. E.g., if a man asks a woman to marry him and, to persuade her to agree, he offers to give property to her, this agreement would be covered by the Statute of Frauds.

Generally type of contract in consideration of marriage is the pre-nuptial agreement. A pre-nuptial agreement is signed by a couple before marriage and may agree to terms covering property division upon divorce, inheritance agreements upon death and alimony or spousal support upon separation. Practically all pre-nuptial agreements consider the marriage of the parties and list each party’s agreement to marry as consideration for the other to decide to its terms. As such, these agreements are covered by the Statute of Frauds.