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

The effect of the statute of frauds on a securities arbitration award in Kansas is that if the parties to the dispute do not have a written contract, the award given may be unenforceable. The statute of frauds is a legal principle which requires that certain types of contracts must be in writing in order to be enforceable in court. When a securities arbitration award is given, both parties must be bound by the ruling and agreement regarding any damages awarded to one party. Without a written contract, it is difficult to prove that the parties agreed to the arbitration award given. Since the award does not have the same legal standing, it is not enforced by the court and any damages or restitution given may not be collected. This means that an arbitration award does not necessarily have legal power unless the parties involved have a written agreement. The statute of frauds can pose many difficulties in securities arbitration cases. If all parties to the dispute do not have a written contract, they may have to take additional steps in order to enforce the award or seek a court ruling to validate it. Taking the time and effort to create a written contract before initiating the arbitration process can save time and money for the parties involved.

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