statute of frauds
statute of frauds, defined:
coming from English common law, the term, statute of frauds, may mislead the novice at first glance. The statute of frauds is a rule of contracts, requiring certain types of agreements to be in writing if they are to be enforceable. The agreements covered by the statute of frauds include interest in real property, guarantees and the sale of goods over a certain value. The doctrine originated in a time when the average life expectancy was quite short and there lacked a certainty that a reliable witnesses could be found in the case of a dispute.
statute of frauds, as it might be used:
The court held that every material term of an agreement within the statute of frauds must be reduced to writing.
An example of statute of frauds:
Ralph inherits some heirloom china which he discovers is valued at $10,000.00. Wanting to sell these valuable antiquities, he finds a buyer through an advertisement. According the statute of frauds the sale must be recorded in writing.
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Clear-Point Law Dictionary
