Statute of Frauds

Under the Statute of Frauds, certain contracts are unenforceable unless evidenced by a writing. These include contracts made in consideration of marriage, contracts incapable of being performed within one year, contracts for the sale of land or leases longer than one year, promises by an executor to personally pay estate debts, contracts for the sale of goods priced at $500 or more, and suretyship agreements. To satisfy the Statute of Frauds, the writing must be signed by the party to be charged, reasonably identify the subject matter, indicate that a contract exists, and include the essential terms of the agreement.