What is the effect of the statute of frauds on a securities arbitration award?

The statute of frauds is a law that says that certain agreements must be written down and signed in order for them to be enforceable. In North Dakota, this law applies to securities arbitration awards, which are agreements between parties who are unable to resolve a dispute without the help of an arbitrator. The effect of the statute of frauds on a securities arbitration award is that any decision reached by the arbitrator must be written down and signed by both parties in order for it to be legally binding. Without the statute of frauds, either side could claim that they had verbally agreed to certain terms, even if the other party did not remember them in the same way. This could lead to confusion and disputes down the road, especially since both parties may have very different interpretations of the outcome. With the statute of frauds in place, the terms of the award must be in writing and both parties must sign it in order for it to be legally binding. This ensures that both parties are fully aware of the terms of the award and that there is no dispute about what each party has agreed to. The statute of frauds also makes it easier for a court to enforce an arbitration award. If the arbitration award is not written down and signed, it is much more difficult for a court to enforce it, and the parties involved may need to take additional steps to make sure that their agreement is legally binding. Overall, the statute of frauds is an important law that applies to securities arbitration awards in North Dakota. It ensures that the terms of the award are clear and legally binding, and it makes it easier for a court to enforce the award if necessary.

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What is the effect of the statute of frauds on a securities arbitration award?

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