Statute of Frauds

Question 1

Absent a statute that provides otherwise, oral contract . . .

Answer 1

are enforceable.

Question 2

Statute of frauds requires . . .

Answer 2

certain types of contracts to be written and signed by the party against whom enforcement is sought.

Question 3

What are the types of contracts that must be written?

Answer 3

1. Sale of interest in land
2. Sale of goods for $500 or more
3. Consideration of marriage
4. Not to be performed within one year
5. Suretyship

Question 4

What is suretyship?

Answer 4

Suretyship is the legal relationship that arises when one party (the surety) assumed the responsibility for a debt, default, or other failing for a second party.

Question 5

What interests are inclduded in “sale of an interest in land”?

Answer 5

• Leases for more than one year
• Easements for more than one year
• Mortgages and most other security liens
• Fixtures
• Minerals (or the like) or structure if they are to be severed (separated from the main estate) by the buyer