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statute of frauds

   Also found in: Dictionary/thesaurus, Medical, Legal, Financial, Acronyms, Wikipedia 0.03 sec.
Statute of Frauds: see Frauds, Statute of Frauds, Statute of, basis of most modern laws requiring that certain promises must be in writing in order to be enforceable; it was passed by the English Parliament in 1677.
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statute of frauds
A rule that certain kinds of contracts are unenforceable unless signed and in writing or unless there is a written memorandum of their terms signed by the party to be charged. In most states contracts for the sale of real property or for leases of over a specified duration must be in writing to be enforceable.


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of Montana) offers explanations of both correct and incorrect answers in the "murky" areas of these laws, and covers such exam topics as the Uniform Commercial Code, the scope of Article 2, the Parol Evidence Rule, the Statute of Frauds and remedies for both buyers and sellers.
Section 4 of the venerable Statute of Frauds 1677 requires guarantees to be in writing if they are to be enforceable; there is no such requirement in the case of an indemnity, although of course written agreement is always best as a matter of practice and for proof.
not violative of the Statute of Frauds requiring a writing as the Listing broker is licensed in New York).
 
 
 
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