Question

Sara and Terry agree while talking on the phone to form a partnership to enter into the business of real property management. To be enforceable under the Statute of Frauds, their agreement must

Answer 1

To be enforceable under the Statute of Frauds, their agreement must  be in writing.

What Is the Statute of Frauds?

• The statute of frauds (SOF) is a legal principle that mandates the execution of certain types of contracts in writing.
• The Act applies to land contracts, agreements involving commodities valued more than $500, and contracts lasting one year or longer.
• The statute of frauds was largely established in the United States as a common law concept—that is, unwritten legislation.
• However, in many jurisdictions, such as most states, it has now been established by legislation.
• The defendant may invoke the statute of frauds as a defense in a breach of contract lawsuit when it applies.
• Indeed, they must frequently do so positively in order for the defense to be viable. In such a situation, the plaintiff bears the burden of proof.

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