Identify the Types of Contracts That the Statute of Frauds

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The Answer is The Statute of Frauds affects certain types of contracts, including contracts for the sale of land, contracts that cannot be performed within one year, contracts for the sale of goods over a certain dollar amount, contracts in consideration of marriage, and contracts for the sale of securities.

The effect of the Statute of Frauds is that these types of contracts must be in writing in order to be enforceable in court. This means that oral agreements for these types of contracts are generally not legally binding. The purpose of the Statute of Frauds is to prevent fraudulent claims and misunderstandings by requiring written evidence of certain types of contracts. It provides a level of protection for parties entering into these types of agreements and ensures that there is a clear record of the terms and conditions.

Identify the Types of Contracts That the Statute of Frauds

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Identify the Types of Contracts That the Statute of Frauds

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Correct Answer:
Answered by ExamLex AI