Business Law





Business Law

From the video clips regarding the Statute of Frauds, I now comprehend that certain forms of contracts require written evidence in order to enhance its enforceability. These contracts relate to six different situations including:

  1. Contracts on the sale, mortgage, or leasing of land or furniture 
  2. contracts that have to wait for more than one year for implementation purposes because of their incorporated terms
  3. agreements on guarantees regarding a debt or tax of another person
  4. promises about one’s intention to marry another consenting party
  5.  agreements regarding the sale of goods that surpass $ 500
  6. contracts relating to executors and other relevant arrangements made to pay off a previous treaty

In addition, I realize that the Statute of Frauds is a legal device formulated by the federal government of the United States and used by law courts to make practical and fair judgments in a lawsuit regarding the infringement of a contract. The legal provisions guide the proceedings in all states. This is useful in avoiding instances where a nonexistent treaty between two or more parties bears substantial evidence through fraudulent acts. Moreover, as highlighted by the evaluator in the video clip, writing these facts does not show lack of trust in another involved party but rather enhances the implementation of the terms integrated in the agreement. However, there are certain exceptions that have enhanced the ability of these legal stipulations to defend the contract information. This includes an approved partial performance where the purchaser of a piece of land or fixture has paid part of the agreed price. In addition, the implementation process considers cases where a promise made relates to the loss of the pledgee.

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