The Statute Of Frauds By Definition Essay

722 Words Oct 5th, 2015 3 Pages
The statute of frauds by definition refers to the requirement that certain kinds of contracts be memorialized in writing, signed by the party to be charged with sufficient content to evidence the contract. Oral contracts are made daily whether we recognize it or not, when we promise a person were going to complete a task, or if we mention we would like to buy something, or just a promise not to do something is a contract. And a huge exception to a contract being formed is the statute of frauds that essentially requires some contracts to be in writing. These exceptions to the statute of frauds include: contracts for the sales of goods over $500, involving real property, and lastly if the contract extends out over a year to complete. In regards to a contract to be valid the statute of frauds fulfills the proper form requirement.
The first exception to a valid contract being formed from an oral agreement is if the value of the item is over $500. This exception seems reasonable, as money is a precious commodity. From business to business for something specially manufactured under the UCC for the sale of goods, a contract does not have to have all the elements of the agreement to be effective, all it has to have in the contract is the quantity being sold and it has to be signed by the person selling it. But once the producer is starting to manufacture a special good a verbal contract is also enforceable without a contract. This reason is to prevent manufactures from being injured…

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