Contracts/Statute of frauds

The Statute of Frauds refers to a requirement in many common law jurisdictions that certain kinds of transactions, typically contractual obligations, be evidenced by a writing signed by the party against whom enforcement is sought, or by their authorized agent. The term comes from English statutory law (29 Car. II c. 3) passed in 1677. Such writing is 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
• Under the Uniform Commercial Code, contracts for the sale of goods worth more than $500
• Contracts in which one party provides surety (acts as guarantor) for another party's debts.

Law students often remember these circumstances by the mnemonic "MYLEGS" (marriage, year, land, executor, goods, surety).