What is the statute of frauds?

The statute of frauds is a law in Delaware that requires certain agreements, such as those involving marriage contracts, contracts to pay someone else’s debt, and contracts that cannot be completed within a year, to be in writing. This means that, in the case of contracts, any contract that involves something that cannot be completed in a year must be recorded in writing in order to be legally binding in Delaware. The Delaware version of the statute of frauds was approved in the Delaware Code in 1961. It states that any contract that transfers title to real property, any agreement that is not to be performed within one year, any contract for the sale of goods that are worth at least $500, or any agreement to pay someone else’s debt must be in writing and signed by the person who is to be obligated to fulfill the agreement. The statute of frauds in Delaware also outlines how contracts are to be made valid and enforced. It states that the contract must be signed by the party to be charged, and that the signature must be witnessed by a third party who has no interest in the agreement. The witness must also sign the contract in order for it to be valid. The statute of frauds was enacted to protect parties from being falsely bound to an oral agreement and to provide legal evidence that an agreement between the two parties exists. It also serves to limit potential fraud and litigation by making it easier to prove that a contract was valid.

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What is the statute of frauds?

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