Is a contract that you make with someone else enforceable in a court of law? Does it matter whether it is written or spoken? This article will explain to you the basic requirements needed for a binding contractual agreement.
The “Statute of Frauds” (commonly abbreviated as “SOF”) is a rule of law requiring certain kinds of contracts to be written (not oral or “verbal”) and be signed by all parties to an agreement in order to be binding. The types of contracts and rules that comprise of the Statute of Frauds can vary from state to state and within each jurisdiction. In the United States, there are some general principles which will be covered by this article.
