What does the "Statute of Frauds" require for real estate contracts?

The "Statute of Frauds" mandates that certain types of contracts, including those for the sale of real estate, must be in writing to be legally enforceable. This requirement serves several purposes, such as reducing the likelihood of fraud and misunderstanding between parties in real estate transactions. By ensuring that contracts are documented, the statute helps clarify the terms and obligations involved, making it easier to reference and uphold in a legal context if disputes arise.

Real estate contracts typically involve significant financial commitments, and thus the written requirement aims to protect all parties involved by providing clear and tangible evidence of the agreement. The inclusion of specific details such as parties' identities, property description, purchase price, and other pertinent terms within the written document reinforces its validity.

Verbal agreements, while they may be understood by those involved, lack the formal recognition necessary for enforcement under the Statute of Frauds, which is why those options involving verbal contracts or a requirement for signatures without a written document do not align with the statute's purpose. Additionally, the law does not specify a minimum monetary value regarding a contract’s enforceability; rather, it emphasizes the need for a written format regardless of the deal's size.