What does the Statute of Frauds require?

The Statute of Frauds was established to prevent fraudulent claims and to require a written record for certain types of contracts. Specifically, it mandates that certain contracts must be in written form to be enforceable in a court of law. These typically include agreements involving the sale of goods exceeding a specific value, contracts that cannot be performed within one year, marriage contracts, and transactions involving land or real estate. Requiring written agreements helps ensure that there is clear evidence of the terms of the contract, which can mitigate disputes over contract terms and intentions between the parties involved.

In contrast, not all contracts are required to be formalized in writing—many agreements can still be considered valid and enforceable if made verbally, as long as they do not fall into the categories specified by the Statute of Frauds. This understanding clarifies why the other options do not accurately reflect the requirements put forth by the Statute.