In short
The statute of frauds requires certain contracts to be evidenced by a signed writing to be enforceable, including contracts for interests in land, contracts that can't be performed within one year, promises to pay another's debt, and sales of goods for $500 or more.
Key takeaways
- The writing must be signed by the party against whom enforcement is sought.
- Exceptions include specially manufactured goods and goods that have been paid for or accepted.
- Between merchants, a written confirmation can satisfy it if the recipient doesn't object within 10 days.
Where it's tested
REG: Business Law: Contracts — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
Which contract must be in writing to be enforceable under the statute of frauds?