Asked by Molly Walsh on May 08, 2024
Verified
The purpose of the statute of frauds is to prevent the performance of oral contracts.
Statute of Frauds
A legal principle requiring certain types of contracts to be in writing and signed by the party to be charged with the contract, in order to be enforceable.
Oral Contracts
Agreements made verbally rather than in written form, which can be legally binding under certain conditions.
- Understand the fundamental principles and the purpose of the statute of frauds.
Verified Answer
JR
Jacqueline RobbinsMay 09, 2024
Final Answer :
False
Explanation :
The purpose of the statute of frauds is to require certain types of contracts to be in writing and signed by the party to be charged, in order to prevent fraudulent claims and misunderstandings, not to prevent the performance of oral contracts.
Learning Objectives
- Understand the fundamental principles and the purpose of the statute of frauds.
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