Definitions for: statute of frauds
statute of frauds
legislation adopted in most states stipulating that certain contracts must be in writing to legally be enforceable. The purpose is to prevent fraudulent transactions. For example, Article II of the Uniform Commercial Code stipulates that contracts for sale of goods for $500 or more must indicate terms of the agreement in writing and be signed by the party owing the agreed amount.
Copyright c 2006, 2000, 1997, 1993, 1990 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.