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Which of the following Contracts Would Be within the Statute of Frauds

Which of the following Contracts Would Be within the Statute of Frauds

As an SEO copy editor, it is important to understand the legal aspects of contracts, specifically which ones fall under the statute of frauds. The statute of frauds is a law that requires certain contracts to be in writing and signed by the parties involved to be legally enforceable. This law varies by state but generally includes contracts for the sale of goods over a certain value, contracts for the transfer of real estate, and contracts that cannot be performed within one year. In this article, we will explore these types of contracts and provide examples of each.

Sale of Goods Contracts

Contracts for the sale of goods over a certain value are typically subject to the statute of frauds. This value varies by state but usually falls between $500 and $1,000. These types of contracts must be in writing and signed by both parties involved. Examples of sale of goods contracts that would fall under the statute of frauds include:

– A contract for the sale of a car for $5,000

– A contract for the sale of furniture for $800

Real Estate Contracts

Contracts for the transfer of real estate must also be in writing and signed by both parties involved. This includes contracts for the sale of real estate, leases for more than one year, and mortgages. Examples of real estate contracts that would fall under the statute of frauds include:

– A contract for the sale of a house for $200,000

– A lease agreement for an apartment for two years

Contracts That Cannot Be Performed Within One Year

Finally, contracts that cannot be performed within one year must also be in writing and signed by both parties involved. This includes contracts for services that will take longer than a year to complete. Examples of contracts that would fall under this category include:

– A contract for a five-year advertising campaign

– A contract for a three-year construction project

In conclusion, it is important to understand which contracts fall under the statute of frauds and require a written agreement to be legally enforceable. Contracts for the sale of goods over a certain value, contracts for the transfer of real estate, and contracts that cannot be performed within one year all fall under this law. As a professional, it is important to ensure that content related to contracts is accurate and informative to readers.

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