What is the Statute of Frauds?

The Statute of Frauds is a legal concept that originated in England during the 17th Century. It requires that certain kinds of contracts be in writing and signed by the parties in order to be legally binding. This is especially important in regards to contracts that involve something of value, such as the sale of land or goods. In Texas, the Statute of Frauds is codified in section 26.01 of the Texas Business and Commerce Code. This statute requires that contracts for the sale of goods above $500 must be in writing and signed by the parties in order to be legally binding. In addition, the statute also applies to any contract for a lease of property for a term of more than one year, and any agreement for the sale of real property. The purpose of this statute is to protect parties from verbal agreements that cannot be enforced in court. It also ensures that the parties are aware of the specific terms of any agreement they make. Without the Statute of Frauds, it could be difficult to prove the existence of an agreement, or to know exactly what the agreement was. The Statute of Frauds is an important concept in Contract Law in Texas and is essential for protecting the legal rights of parties to an agreement. It ensures that contracts are properly documented and are enforceable in a court of law.

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What is the Statute of Frauds?

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