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Statute of Frauds (view source)

Revision as of 22:03, January 18, 2008

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The '''Statute of Frauds''' is a state law requiring that certain [[contract]]s be in writing in order to be enforceable. The purpose is to prevent fraudulent claims of an oral contract that never existed, and to reduce disputes over the terms of oral contracts that did exist.

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There are six general categories of contracts that fall within the '''Statute of Frauds''', and thus are unenforceable unless in writing:

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* promises made in consideration of [[marriage]], such as "I'll marry you if your father can hire me!"

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* promises that cannot possibly be performed within one year<ref>Note that lifetime contracts can potentially be performed within one year, if the person were to die within the year.</ref>

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* promises creating interests in land<ref>But leases less than one year are usually not governed by the '''Statute of Frauds'''</ref>

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* promises by executors or administrators of estates to pay debts out of their own funds

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* agreements for the sale of goods for $500 or more, unless within several exceptions<ref>Oral contracts for goods are enforceable if (i) specially manufactured, (ii) between merchants and confirmed afterwards in writing without objection, (iii) admitted in pleadings in court, and (iv)partial payment was made, or delivery was accepted.</ref>

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* promises to pay the debt of another, as in acting as a [[surety]]

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These six exceptions to the '''Statute of Frauds''' are often remembered by use of the [[mnemonic]] '''''MY LEGS''''', with each letter standing for one of the exceptions.

[[category:legal terms]]

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[[Category:Contract Law]]

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