What is the statute of frauds?

The statute of frauds is a set of laws in Virginia that requires certain types of contracts to be in writing. This law requires that certain types of contracts be documented in writing in order to be legally binding. The types of contracts that are required to be in writing include agreements concerning real estate, promises to pay another person’s debt, contracts that can’t be completed within one year, and contracts for the sale of goods that cost more than $500. The purpose of the statute of frauds is to protect both parties in a contract and to ensure that both parties can be held to the terms of the agreement. Without the statute of frauds, one party could say that they agreed to a contract without any written evidence to back up their claim. This could lead to disputes and disagreements over the terms of an agreement. Without the statute of frauds, contracts would be difficult to enforce because both parties would have to rely on their memories of what was agreed upon. By having contracts in writing, both parties are protected and know what they are agreeing to. This helps to prevent misunderstandings, fraud, and other disputes.

Related FAQs

What is a motion to intervene?
What is the difference between interrogatories and requests for production of documents?
What is alternative dispute resolution (ADR)?
What is the doctrine of collateral estoppel?
What is the appeals process?
What is the statute of frauds?
What is the judgment/verdict stage of civil procedure?
What is the difference between a motion to dismiss and a motion for a more definite statement?
What is a motion to quash a subpoena?
What is a joinder?

What is the statute of frauds?

Related FAQs

Related Blog Posts