The Statute of Frauds - Explained

The video explains the Statute of Frauds, which requires certain contracts to be in writing to be enforceable. These include contracts for the sale of land, promises to pay another's debt, contracts not performable within a year, and sales of goods over $500. The video also mentions exceptions and variations by state.

What is the primary purpose of the Statute of Frauds?

• To allow contracts to be changed at any time

• To make all contracts voidable

• To prevent fraud by requiring certain contracts to be in writing

• To ensure all contracts are verbal

Which type of contract must be in writing according to the Statute of Frauds?

• A contract for a handshake agreement

• A contract for the sale of real estate

• A contract for the sale of a car

• A contract for a one-time service

Why must a contract that cannot be performed within a year be in writing?

• Because it is too complex

• Because it is a verbal agreement

• Because it involves too many parties

• Because it is impossible to perform within a year

What is the minimum value of goods for which a contract must be in writing?

• $250

• $100

• $1000

• $500

Which of the following is NOT typically required to be in writing under the Statute of Frauds?

• A contract for the sale of land

• A contract for goods worth $600

• A contract for a service lasting 6 months

• A promise to pay someone else's debt