Contracts
Statute of Frauds
Definition
The statute of frauds requires certain categories of contracts to be evidenced by a signed writing to be enforceable. Traditionally covered categories include contracts for the sale of land, agreements that cannot be performed within one year, promises to pay the debt of another, and contracts for the sale of goods over $500 (UCC Section 2-201). The writing need not be the contract itself — a memorandum or series of writings may suffice if they identify the parties, subject matter, and essential terms.
Example
An oral agreement to sell Blackacre for $200,000 is unenforceable under the statute of frauds unless evidenced by a signed writing or an exception applies.