The Statute of Frauds- Requirement of Writing

Topics: Contract, Law, Supreme Court of the United States Pages: 3 (918 words) Published: November 17, 2009
Businesses world wide structure their operations on agreements to conduct day to day operations. As a result, questions and disputes arise daily. For this reason, “every state has a statute that stipulates what types of contracts must be in writing” (Fundamentals of Business Law P196). These statutes are called the “Statutes of Frauds”. “The actual name of the Statute of Frauds is confusing because it does not actually apply to fraud” (Fundamentals of Business Law P197). Specifically, this statute determines which type of contracts must be in writing. In other words, the “Statute of Frauds” refers to the requirement that certain kinds of contracts be made in writing and signed. Traditionally, the Statute of Frauds requires a written contract signed by the contracting parties in the following circumstances: contracts involving land, contracts that cannot be performed within one year from the day it is signed, contracts that promise to repay debt or a duty owed to others, marriage contracts, and contracts for the sale of goods above a certain value. Also, the statute requires the writing to name the parties, subject matter, consideration, and quantity. In addition, it is important to realize that a written contract does not have to be a single document. Several types of documents can form a contract or writing if they are physically attached. For example, memos, e-mails, and sales slips stuffed into an envelope could be interpreted as a written contract if the items reference each other. According to our text, the Uniform Commercial Code (UCC) is the prudent and widely recognized code that contains Statutes of Frauds provisions requiring written forms of contracts. Section 2-201 of the UCC spells out the provisions that require writing for the sale of goods at or more than five hundred dollars, this dollar amount has reportedly been in the law for 40 years. Part 2 of Article 2 of the Uniform Commercial Code is generally known in the legal profession...
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