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.
statutory requirement that certain kinds of contracts must be in writing to be enforceable. Contracts to answer to a creditor for the debt of another, contracts made in consideration of marriage, contracts for the sale of real estate or affecting any interest in real estate, and contracts not to be performed within one year of their making normally must be in writing and signed by the party sought to be bound by the contract.
a state law that provides that certain contracts must be in writing in order to be enforceable. Applied to deeds, mortgages, and other real estate contracts, with the exception of leases for periods shorter than one year.
Example: An oral contract for the sale of land is considered unenforceable under the statute of frauds.
