Written Contracts

The law that requires certain contracts to be in writing in order to be enforceable is called the:

(a) Written Instrument Law

(b) Parole Evidence Law

(c) Statute of Limitations

(d) Statute of Frauds

Answer: (d)

The Statute of frauds was first enacted in England in 1676, with the purpose of preventing fraud and perjury. It requires certain real estate contracts to be in writing to be enforceable. Examples of contracts that must be in writing are real property conveyances, listing agreements, and long-term leases. Real estate contracts that convey an interest in real property fall in this category, with the exception that a lease of one year’s duration or less may be oral. All other contracts to buy, sell, exchange, or lease interests in real property must be in writing to be enforceable. In addition, listing agreements in most states must be in writing.

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