Contracts that cannot be performed within one year and contracts conveying real property must be in writing and signed to be enforceable according to which law?

Contracts that cannot be performed within one year and contracts conveying real property must be in writing and signed to be enforceable according to which law?

• A. Statute of Limitations
• B. Statute of Frauds
• C. Statute of Conveyance
• D. Statute of Contracts

Answer: (B)

The necessity for contracts that cannot be performed within one year, as well as contracts related to the conveyance of real property, to be in writing and signed is a key principle established by the Statute of Frauds. This legal doctrine exists to prevent fraud and perjury in the enforcement of contracts by requiring written evidence of certain types of agreements. Specifically, the Statute of Frauds helps ensure that transactions involving real estate and long-term agreements are documented, creating a clear record of the parties' intentions and terms. This written requirement adds a level of formality and accountability to such contracts, ultimately protecting all parties involved. Understanding this aspect of the law is crucial for anyone involved in real estate transactions, as it ensures that these significant agreements are enforceable in court.

The necessity for contracts that cannot be performed within one year, as well as contracts related to the conveyance of real property, to be in writing and signed is a key principle established by the Statute of Frauds. This legal doctrine exists to prevent fraud and perjury in the enforcement of contracts by requiring written evidence of certain types of agreements.

Specifically, the Statute of Frauds helps ensure that transactions involving real estate and long-term agreements are documented, creating a clear record of the parties' intentions and terms. This written requirement adds a level of formality and accountability to such contracts, ultimately protecting all parties involved. Understanding this aspect of the law is crucial for anyone involved in real estate transactions, as it ensures that these significant agreements are enforceable in court.