Wiki Law School will soon be moving! Please update your bookmarks. Our future address is www.wikilawschool.org |
Contracts/Statute of frauds
From wikilawschool.net. Wiki Law School does not provide legal advice. For educational purposes only.
From 17th century English statutory law, the requirement that certain kinds of transactions, typically contractual obligations, be agreed upon in writing as a precondition to suing for breach of contract (or other obligation).
Traditionally, the statute of frauds requires a signed writing in the following circumstances:
- Contracts in consideration of marriage
- Contracts which cannot be performed within one year
- Contracts for the sale of land
- Contracts by the executor of a will
- Contracts in which one party acts as guarantor for another party's debts
- Under the Uniform Commercial Code, contracts for the sale of goods worth more than $500.
Law students often remember these circumstances by the mnemonic "MYLEGS" (marriage, year, land, surety, executor, gurarntor, sale).