The general rule is that oral agreements are enforceable. The statue of frauds c

Question

The general rule is that oral agreements are enforceable. The statue of frauds creates a series of
exceptions to this general rule. Some of the types of contracts commonly covered by the statute
of frauds include: promises made in consideration of marriage, contracts for one party to pay the
debt of another, and contracts related to an interest in land. What do these three types of
contracts have in common that might lead them to fall under the statute of frauds? (Hint: what
problems are likely to arise if these agreements are made only orally?)

Explanation / Answer

A statute of frauds is a legal term which defines that certain type of contracts must be executed in writing only. This is because the terms and conditions of the contract might be invalid if they are not in writing. The scenarios given below like promises made in consideration of marriage, contracts for one party to pay the debt of another and contracts related to an interest in land are something if made orally might be a risk for both the parties. If one of the party declines to fulfill the agreements made orally then there is not proof that the oral agreement was made. In all the above mentioned cases, the common thing is that it is related to a promise which involves payment of monetary or product fulfilments. These fulfilments that has to be made should be written in a legal document to ensure that the promises made are fulfilles.

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