Fast Overview of Statute of Frauds
The Statute of Frauds is based on an Act of the British Parliament from 1677 called "An Act for the Prevention of Frauds and Perjuries." The Statute places a requirement on several different contracts.
Contracts that Fall Under Statute of Frauds
Contracts falling under the Status of Frauds include those for sale of goods worth more than $500, for an exchange of real estate, cannot be completed within one year, contain collateral promises, or when an executor pays a debt for an estate.
These contracts must contain two distinct elements. The contract must be written down and there must be some mark indicating acceptance.
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