What is the Statute of Frauds applicable to?

The Statute of Frauds is a North Carolina law that applies to certain types of contracts. It requires certain contracts to be in writing in order to be legally valid. In North Carolina, the Statute of Frauds applies to four categories of contracts: contracts for real estate, contracts for the sale of goods worth more than $500, contracts that cannot be completed within one year, and contracts for the transfer of personal property that is considered "unique," such as artwork or antiques. The Statute of Frauds is designed to ensure that contracts are enforceable and that both parties are aware of the commitment they are making. Without a written document, it can be difficult to prove what the verbal agreement is and what each party was obligated to do. This law therefore helps to protect the parties involved from any potential disputes or misunderstandings. In order to be legally valid, all contracts within the categories mentioned must be in writing, signed by all involved parties. Without a written agreement, the contract is not binding, and it is difficult to prove what both parties had agreed to. Additionally, if the contract involves real estate, the agreement must also be notarized. This ensures that all parties involved have given their consent and are aware of the terms of the contract.

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