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Contracts and leasesSubject 4 of 19

Statute of frauds

The statute of frauds is a law requiring certain agreements, including many agreements involving real property, to be in writing and signed to be enforceable.

Direct answer

What does statute of frauds mean?

The statute of frauds is a law requiring certain agreements, including many agreements involving real property, to be in writing and signed to be enforceable.

Exam cue: Under General Obligations Law section 5-703, a contract to sell real property and a lease longer than one year must be in a writing signed by the party to be charged.

What does it look like in a question?

Example

An agreement to sell a parcel is put in a signed written contract.

Common exam trap

What should you not confuse it with?

The phrase does not mean the agreement involves deception.

Related contracts and leases terms

AssignmentAn assignment is a transfer of a party's contractual rights or leasehold interest to another person, subject to the agreement and law.ConsiderationConsideration is something of legal value exchanged as part of a contract.ContingencyA contingency is a contract condition that must be satisfied or waived for a stated obligation to become final or continue.CounterofferA counteroffer is a response that rejects an offer and proposes different terms.Executed contractAn executed contract is a contract in which the parties have completed the promised performance.Executory contractAn executory contract is a contract under which one or more material obligations remain to be performed.
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