Statute of frauds - rules and exceptions

Question 1

What does the statute of frauds state?

Answer 1

The conveyance of ownership in real estate must be in writing to be enforceable.

Question 2

Does an oral agreement comply with the statute of frauds?

Answer 2

No

Question 3

If a written and oral agreement were made, which one takes precedence?

Answer 3

A written agreement

Question 4

Can an oral agreement be made?

Answer 4

Yes, but it is not enforceable.

Question 5

What is the one exception under the statute of frauds?

Answer 5

Lease agreements for less than one year are valid and enforceable.

Question 6

Does a lease agreement for less than a year need to be in writing?

Answer 6

No, oral agreement for a lease term less than one year is valid and enforceable. (However, it should be in writing to avoid confusion or misunderstanding).

Question 7

Although an oral agreement for the conveyance of ownership is VALID, it is not ___________.

Answer 7

enforceable.