Does the Statute of Frauds (a legal principle from the 1600s) still make sense in today's...

Does the Statute of Frauds (a legal principle from the 1600s) still make sense in today's commercial world? Why or why not?

Expert Solution

Statute of fraud is relevant and it still makes sense, because it helps to protect the interest of the parties involved and prevents the scope of fraud by making certain types of contract to be in writing. Besides, the statute of fraud makes the high value transaction of more than $500 to be in writing, that brings clarity and court of law can give judgement with a higher level of clarity and precision. It brings benefits to the aggrieved parties and it is the ultimate aim of the justice. It is facilitated when the statute of fraud is applied.

Precisely, the statute of fraud is applied in 4 types of contracts that are:

1. Transaction of goods having value of more than $500

2. Buy & sale of land or other real estate properties

3. Marriage contracts

4. Suretyship contract

5. A contract that has to be performed after more than one year of the formation of the contract

Further, statute of fraud has been passed in the distant past, but it has become the basis of the many modern day laws such as provisions of uniform commercial code and other nations have also taken the reference from the statute of fraud. It makes it to be relevant, even today’s business environment.

keosha answered 1 year ago

Does the coverage of the Statute of Frauds make sense as it currently stands? Would it...

Does the coverage of the Statute of Frauds make sense as it currently stands? Would it be better to expand the law and require that all contracts be in writing? Or should the law be done away with altogether? 250 word minimum.

The statute of Frauds states that certain types of contracts must be in writing. Does the...

The statute of Frauds states that certain types of contracts must be in writing. Does the coverage of the statute of frauds make sense as it currently stands? Would it be better to expand the law and require that all contracts be in writing? Or should the law be done away with altogether? Explain each answer in details ..

Explain how the requirements of the statute of frauds under the UCC are different from those...

Explain how the requirements of the statute of frauds under the UCC are different from those under the common law.

This question is from business law Understanding the reasoning behind the Statute of Frauds, describe one...

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).

1. Under the Statute of Frauds, contracts that cannot be performed within one year from the...

1. Under the Statute of Frauds, contracts that cannot be performed within one year from the day after the date of formation must be in writing. When does the time begin to run: 1. The time begins to run from the day the contract was signed. 2. The time begins to run from the day after the contract was signed. 3. The time begins to run at the exact time that the parties signed the contract. 4. The time begins...

The Statute of Frauds. Kendall Gardner agreed to buy from B&C Shavings, a specially built shaving...

The Statute of Frauds. Kendall Gardner agreed to buy from B&C Shavings, a specially built shaving mill to produce wood shavings for poultry processors. B&C faxed an invoice to Gardner reflecting a purchase price of $86,200, with a 30 percent down payment and the “balance due before shipment.” Gardner paid the down payment. B&C finished the mill and wrote Gardner a letter telling him to “pay the balance due or you will lose the down payment.” By then, Gardner had...

. Why does Porsche hedge its foreign exchange exposure? Does it make sense, from the perspective...

. Why does Porsche hedge its foreign exchange exposure? Does it make sense, from the perspective of shareholders, for Porsche to hedge? Does it make sense from management’s perspective? Are there potential differences in interest between management and shareholders regarding the hedging policy? 2. Suppose it is end of November 2007, and Porsche reviews its hedging strategy for the cash flows it expects to obtain from vehicle sales in North America during the calendar year 2009. Assume that Porsche entertains...

Assess the effectiveness of federalism. Does federalism still work today? Is it effective in addressing today's...

Assess the effectiveness of federalism. Does federalism still work today? Is it effective in addressing today's problems? Was it effective in addressing issues in the past? Are there other alternatives that would be superior to federalism? Why? Explain. Provide examples in your response.

Does it make sense to calculate the median for nominal variables?

Read the following scenario and explain why it does or does not make sense (this is...

Read the following scenario and explain why it does or does not make sense (this is a true / (false) question with explanation): I have a cough, sore throat, fever, and chills. go to the doctor and testing shows have influenza. Last time I had these symptoms, had strep throat and my doctor prescribed antibiotics. My symptoms went away quickly! I am sure that if I take antibiotics this time, my symptoms will go away.

Question