Contracts/Statute of frauds

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< Contracts
Revision as of 00:24, February 6, 2003 by en>Dreamword

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, guarantor sale).