It is TRUE to indicate that the "Equal Dignity Rule" requires that if a contract entered into by an agent it must be in writing. The agent’s authority with the principal must also be in writing.
<h3>What is the Equal Dignity Rule?</h3>
According to the above legal principle, an agent acting under a power of attorney must have written confirmation of their ability to enter into contracts, particularly those that must also be in writing.
In order to be legally able to engage in one of the types of contracts covered by the statute of frauds, the agent acting under a power of attorney must have written authorization in the power of attorney document, according to the equal dignities rule.
Any such contract that the agent signs into may be contested as invalid in the absence of such specific written authority.
For instance, state statutes of fraud generally require that all real estate transactions be in writing and that the agent's authority be similarly in writing, therefore an authorization for real estate contracts must be in writing.
If the real estate transaction (such as a land contract for deed) is anticipated to be recorded, the power of attorney often must also be documented.
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