In real estate and contract law, the Statute of Frauds refers to laws that require certain types of contracts to be in writing in order to be enforceable. The purpose of these laws is to prevent fraud and misunderstandings by requiring clear evidence of the parties’ agreement.
Under the statute of frauds, contracts for the sale of real property must be in writing, as must leases for periods longer than one year. Written contracts provide proof of the essential terms and help protect the rights of all parties involved.
