Statute Of Fraud Research Paper

The statute of fraud is defined as, “a law that requires that certain contracts be in writing, and that those contracts be signed by the parties who are to be bound by the contract”. [1] The policy that underpins the Statue of Frauds was established during the reign of King Charles II through a statutory enactment requiring a written record for specified types of contracts. [2] These specified types of contracts could not be enforced unless a memorandum of it is written and signed by the party to be charged. [3] The basic rules include: 1. the stature does not require the entire contract to be written, but only a memorandum of it, 2. only the party who is to be charged, that is, against whom enforcement is sought, need to have signed it, and 3. The consequence of noncompliance is usually unenforceability, not invalidity. [4] This was to ensure that a person could not seek to enforce an obligation of the kind covered by the statute purely on the basis of unreliable and possibly perjured oral testimony, but would have to produce some adequate written record of the contract. [5] The writing can also help reduce the chance of any future litigation by giving the parties the opportunity to take a second look at the terms and conditions of their agreement before it becomes final. [6] Because of the advancement of communication through technology the adaptation of “writing” and “signature” has been required to take account of communication by other forms, particularly including electronic and media. [7]
Aaron Larson, ExpertLaw: The Statute of Frauds and Contract Law (2016), https://www.expertlaw.com/library/business/statute_of_frauds.html#the-effect-of-a-statute-of-frauds (last visited Jul 28, 2017).
2. Brian A. Blum, Contracts: Examples & Explanations 355 (6th ed. 2013).
3. Id. at