What is the Statute of Frauds?

The Statute of Frauds is a law found in the Virginia Code that states certain types of contracts must be in writing in order to be valid and enforceable. This law was enacted in 1677 to protect against fraudulent transactions, as verbal agreements could be easily fabricated. Under the Statute of Frauds, the following types of contracts must be in writing and signed by the parties involved: contracts for the sale of land, contracts that cannot be completed within one year, contracts for the sale of goods for $500 or more, suretyship contracts, and contracts for services that cannot be performed within one year. In order for a contract to be legally binding under the Statute of Frauds, the writing must include all the essential details of the agreement, such as the parties involved, the description of the services to be performed, the duration of the agreement, and the amount of payment. Additionally, each party must sign the document and have the opportunity to review it before signing. If the contract does not meet the requirements of the Statute of Frauds, it may be considered void or unenforceable in court.

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What is the Statute of Frauds?

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