What is the Statute of Frauds applicable to?

The Statute of Frauds is a set of laws applicable to certain types of agreements in Virginia. It applies to contracts that cannot be completed in one year, contracts that involve the sale of land, contracts involving the transfer of property after the death of an individual, contracts involving the sale of goods for a price of more than 500 dollars, and contracts made by attorneys and other professional services. The purpose of the Statute of Frauds is to prevent fraud by requiring all of these types of agreements to be reduced to writing and signed by the parties involved in the agreement. This means that verbal agreements cannot be enforced in a court of law. All contracts that are subject to the Statute of Frauds must be in writing and signed by the parties involved. The Statute of Frauds is important for Virginia residents because it protects them from entering into agreements without the proper documentation. Without the Statute of Frauds, verbal agreements between parties could be altered or disputed by the other party, making it difficult for someone to enforce a contract in court without proof that the agreement was in writing and signed by both parties. The Statute of Frauds requires written proof of all contract agreements in order for them to be legally enforceable.

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