A contract can be oral, can be written, and can even be implied by the conduct of the parties. However, certain contracts are governed by a concept in the law known as the Statue of Frauds. The Statute of Frauds is not actually one particular statute, but rather a collection of statutes that require certain types of contracts to be in writing.
The Statute of Frauds exists to try and strike a balance between people that believe in the old adage “a man is only as good as his word,” and those individuals that are concerned about meritless claims or false assertions brought by unscrupulous individuals. To try and create this balance, there are various statutes that spell out certain types of contracts that must be in writing to be enforceable.
Some of the more common contracts that must typically be in writing to be enforceable by business attorneys include certain contracts for the purchase or sale of real estate....
