The Statute of Frauds

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September 7, 2020
Questions
4. Under the Statute of Frauds…
The Statute of Frauds is one of the most important rules in the field of obligations and contracts. Because of this rule, the parties in a contract can enforce their correlative rights and obligations or protect themselves thereof based on the requirement that certain contracts must be in writing. Accordingly, one of the rules that are provided in the State of Frauds is that some specified contracts that cannot possibly be completed within one year must be placed into writing and signed by the respective parties. In light of these, some of the benefits that this limitation has include (1) caution and (2) acceptance of evidence. On the one hand, by placing the agreement between parties into writing, the parties can think about the provisions of the contract more thoroughly and prevent them from arbitrarily changing the contents to their whim. This advantage is rooted in the belief that men are prone to forget things and that a contract in writing is one of the best ways to ensure that they are bound by their agreement. On the other hand, another advantage of the limitation placed by the Statute of Frauds is its evidentiary function. Since both parties are mandated by law to place their agreement into writing, such agreement becomes binding and admissible in the courts of law. This makes it eas...