What does the Statute of Frauds require regarding certain contracts?

Study for the CLEP Business Law Test. Engage with flashcards and multiple choice questions, each question has hints and explanations. Prepare effectively for your exam!

The Statute of Frauds is a legal principle that requires certain types of contracts to be in writing in order to be enforceable. This statute was established to prevent fraud and perjury in the enforcement of obligations that can be significant in nature. Specifically, it identifies certain categories of contracts that must be in writing, such as contracts for the sale of goods over a certain value, contracts involving the sale of real estate, and contracts that cannot be performed within one year.

The requirement is not that all contracts must be in writing; rather, only specific categories of contracts outlined by the Statute need to meet this criterion. This means that if a contract falls within one of these specified categories, it must be in writing to be enforceable in a court of law. Thus, the assertion that only those particular contracts must be in writing aligns with the requirements set forth by the Statute of Frauds, making it the correct response to the question posed.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy