To satisfy the Statute of Frauds, a written contract or agreement must contain a description of the consideration promised.

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21-07-2022
Business

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To satisfy the Statute of Frauds, a written contract or agreement must contain a description of the consideration promised.

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Tundexi Tundexi · Answer 1 · 2022-07-29T18:57:44+02:00

It is a true statement that a typical written contract or agreement must contain a description of the consideration promised in order to satisfy the Statute of Frauds.

What is the Statute of Frauds?

This refers to the legal concept that requires certain types of contracts to be executed in writing.

In the legal field, the Statute of Frauds covers contracts for the sale of land, agreements involving goods worth over $500 and contracts lasting one year or more.

Most times, the Statute of Frauds can be satisfied by any signed writing that:

identifies the subject matter of the contract
is sufficient to indicate that a contract exists
states with reasonable certainty the material terms of the contract.