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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, (29 Car. II c. 3) passed in 1677 the requirement that certain kinds of transactions, typically contractual obligations, be evidenced by a writing signed by the party against whom inforcement is sought, or by her authorized agent. Such writing being a precondition to maintaining a suit for breach of contract (or other obligation). It is more properly called the Statute of Frauds and Perjuries
Traditionally, the statute of frauds requires a writing signed by the party against whom enforcement is sought 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).