Question

Debate This: Many countries have eliminated the Statute of Frauds except for sales of real estate. The United States should do the same.

Answer 1

First of all we should know the Statute of Frauds

The statute of frauds 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.

The statute of frauds (SOF) is a legal concept that requires certain types of contracts to be executed in writing. Among others, these typically include those for the sale of land, of any goods over $500 in value, and contracts of a year or more in length.

The statute of frauds was adopted in the U.S. primarily as a common law concept—that is, as unwritten law—although it has since been formalized by statutes in certain jurisdictions, such as in most states. In a breach of contract case in which the statute of frauds applies, the defendant may raise it as a defense—indeed, they often must do affirmatively for the defense to be valid. In such a case, the burden of proof is on the plaintiff to establish that a valid contract was indeed in existenceAs applied in the United States, the concept generally requires the following types of contracts to be written in order to be legally binding. The mnemonic MYLEGS is sometimes used to help recall the scope of these agreements; the relevant letters are capitalized below.

Any promises made in connection with Marriage, including such gifts as an engagement ring.

Contracts that cannot be completed in less than one Year.

Contracts for the sale of Land. (Leases need not be covered unless they're of a year or more in length.)

Promises to pay an estate’s debt from the personal funds of the Executor. (However, promises to pay such debt from the funds of the estate are not subject to the statute of frauds.)

Contracts for the sale of Goods above a certain dollar amount, typically $500.

A contract in which one person promises to pay the debt of another person is considered a “Surety,” and is subject to the statute of frauds.

_ _ _ Not every written document is necessarily protected under the statute of frauds. The following attributes of the agreement are generally required in order for the contract to be considered valid and binding: • To be written in form, though it need not be written in formal language. That is, a bullet - point list, say, will suffice. • The subject of the contract must be identified in an easily understood manner. Nicknames and other crypticidentification should be avoided. • The essential terms must be spelled out including the exact nature of the goods or services, and the agreed price (s) or other considerations. • The signatures of both parties, ideally. Ata minimum, however, the signature of the party that is being charged for the goods or services is typically required.

In some situations, even some agreements that would ordinarily require a written contract under the statute of frauds may be enforceable without them. Amnemonic is in use here as well, namely SWAPP; The relevant letters are identified within the exceptions and limitations covered below. Several exceptions relate to situations in which an oral agreement results in work beginning or financial outlay being made, in connection with work. Take a situation in which steps are begun to make a series of Specially manufactured items (the Sin the SWAPP mnemonic), such as monogrammed shirts. If the customer who commissioned them over the phone subsequently decides to cancel the order, he or she will likely still be responsible for at least partial payment. The same will usually apply if improvements or amendments to a customer 's possessions, _ _ _ based on oral agreements, are begun and _ then canceled. Take a situation in which a house painter, after a homeowner requests he does so, purchases materials and begins to redecorate a house. If the homeowner then reverses course and claims no firm painting agreement was in place, the contractor would likely prevail. That 's because of what' s known as Promissory. Estoppel (one of the Ps in SWAPP), which is defined as a principle of fundamental fairness "intended to right a substantial injustice. The other P in SWAPP might apply here, as well. It refers to Partial Performance, in which the fact that one party has already performed their responsibilities under the agreement may serve to confirm that a contract indeed _ _ _ did exist.