Analysis: The Statute Of Frauds

The Statute of Frauds clearly identifies what contracts have to be presented in the written format in order to remain enforceable (Reilly, 2000), therefore written agreements should be signed by all parties to be binding. The Statute of Frauds is a rule of law requiring certain kinds of written contracts, not oral contracts since they are vague and frequently don't provide sufficient proof of the terms agreed upon by each parties. Oral contracts create more complications and are the main reason for difficulties in the business. Although the status contains many technicalities, its primary purpose is to prevent injury from fraudulent conduct.
Although requirements vary between states and jurisdictions, the general uniformity of common areas