Statute of frauds
A statute requiring certain contracts to be in writing and signed by the parties bound by the contract. The purpose is to prevent fraud and other injury. The most common types of contracts to which the statute applies are contracts that involve the sale or transfer of land, and contracts that cannot be completed within one year. See, e.g. Yamaha Motor Corp., U.S.A. v. Calhoun, 516 U.S. 199 (1996).
Definition from Nolo’s Plain-English Law Dictionary
A law in every state that requires certain types of documents to be in writing and signed by the party to be charged (usually, the defendant in a lawsuit). Examples include: real estate transfers (conveyances), leases for more than a year, wills, and some types of contracts.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:24 pm
