Which Contracts Must Be in Writing

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Contracts are a part of our everyday lives, whether we realize it or not. Almost everything we do is governed by contracts, whether it`s a simple agreement between friends or a complex business deal. However, not all contracts need to be in writing. In this article, we will discuss which contracts must be in writing.

The Statute of Frauds is a law that requires certain contracts to be in writing. The purpose of this law is to prevent fraud in oral agreements, as oral agreements can be hard to prove in court. The following contracts must be in writing:

1. Contracts for the sale of goods over $500. The Uniform Commercial Code requires that contracts for the sale of goods over $500 be in writing. This includes any type of goods, from cars to computers.

2. Contracts that cannot be performed within one year. If a contract cannot be performed within one year from the date of its creation, it must be in writing. For example, if you agree to provide a service for more than a year, you must have a written contract.

3. Contracts for the sale of land. Any contract for the sale of land must be in writing to be enforceable. This includes any type of real property, such as a house or a commercial building.

4. Contracts for the transfer of copyright or patents. Any contract for the transfer of copyright or patents must be in writing and signed by both parties to be enforceable.

5. Contracts for marriage. Any prenuptial agreement or contract for marriage must be in writing to be enforceable.

6. Contracts for the sale of securities. Any contract for the sale of securities must be in writing and comply with federal and state securities laws.

In addition to the contracts listed above, some states have additional requirements for certain types of contracts. For example, some states require that contracts for the sale of services over a certain dollar amount be in writing.

In conclusion, not all contracts need to be in writing, but certain contracts must be in writing to be enforceable. If you are entering into a contract, it is important to know whether it needs to be in writing. If you are unsure, it is always best to consult with an attorney to ensure that your rights are protected.