The statute of frauds governs six specific types of contracts. Contracts that fall outside the statute need not be in writing to be enforceable. However, if only an oral contract exists where the statute requires a written contract, that oral contract will be considered legally voidable. The following are the six types of contracts ...
The statute of frauds exists primarily to serve two main purposes – evidentiary and cautionary.
The following are the six types of contracts that the statute of frauds requires to be in writing: Contracts whose obligations cannot be completed within one year’s time from the date of the contract. There is, however, an exception to this rule – contracts whose duration is indefinite are not subject to the statute of frauds.
Easement in Gross An easement in gross is a right allowing an individual to legally use a property owned by someone else. It is valid until the legal owner lives in or. to the outright purchase of a property. Contracts or promises where the consideration for the contract is marriage.
Contracts or promises by the executor of a will or an estate. Estate An estate refers to all of an individual’s assets, including land, real estate, financial securities, cash, art collections, entitlements, and. to pay a debt owed by the estate out of the executor’s own money if the estate does not contain sufficient funds to cover the obligation. ...
However, since the oral agreement violates the statute of frauds, the court may rule that the balance of the contract is unenforceable.
Another exception to the written requirement of the statute is in the area of real estate and known as an “easement by implication .”. Suppose, for example, that Property Owner B can only access his property by driving over part of the driveway that is on Property Owner A’s land.