What contracts fall within the Statute of Frauds, and what form is required?

• A. Contracts within SoF include those involving marriage, contracts not performable within one year, real estate transfers, and goods over $500; must be in writing and signed.
• B. Only real estate contracts require writing.
• C. All contracts must be notarized.
• D. Oral contracts for services are always valid.

Answer: (A)

The main idea is that the Statute of Frauds requires certain promises to be in writing to be enforceable. The types that fall under this rule include promises in consideration of marriage, promises that cannot be performed within one year, transfers of real estate, and contracts for goods priced at $500 or more. In each of these cases, the contract must be in writing and signed by the party to be charged. The writing can be a simple memorandum or email as long as it identifies the parties, describes the subject matter, and includes the essential terms (such as price or quantity). Not all contracts require writing, there are exceptions to the rule, and notarization isn’t required.