What is the Statute of Frauds applicable to?

The Statute of Frauds is a law in Michigan that states certain types of contracts must be in writing to be enforceable. This law was designed to protect people from dishonest or fraudulent practices and provides assurance that agreements are legally binding. The Statute of Frauds applies to any contract that transfers an interest in real estate, contracts that cannot be completed within one year, contracts involving guaranties or suretyships, contracts for the sale of goods for $500 or more, contracts involving the competency or legal capacity of a person, and contracts for the sale of securities. This law also applies to contracts for marriage, contracts involving consideration of services rendered for more than $500, contracts for the transfer of rights or interests in a corporation, and contracts involving the sale of alcohol or other controlled substances. In Michigan, the Statute of Frauds is used to determine whether an oral or written contract is legally binding. Although some contracts are not required to be in writing under the law, they should still be documented in writing and signed by both parties in order to provide evidence of agreement. This is the best way to ensure that if a dispute arises, the parties have proof that the contract was made.

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What is the Statute of Frauds applicable to?

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