Statute of Frauds

Definition

• A law which provides that certain contracts must be in writing in order to be enforceable at law. It includes real estate contracts.

Synonyms
common law statute of frauds

Acronyms
SOF

Related Terms and Acronyms

• Bona Fide — Definition,
  • In good faith. In real estate, a bona fide purchaser or seller has the legal right to give or receive title.
• Common Law (CL) — Acronym, Very Important,
  • Traditional, unwritten law based on English custom.
  ➥ Laws developed by judges through court decisions and precedent.
• Contract — Definition,
  • An agreement between two or more parties that can be enforced by law.
• Contract to Purchase — Definition,
  • A document in which a property's buyer and seller approve the price and other terms of the transfer of title. Also known as an agreement of sale, a purchase contract or a sale contract.
• Mis-selling — Definition,
  • The act of misleading a client into buying a product or service by deliberately misrepresenting the aforementioned product or service.
• Purchase Agreement — Definition,
  • A written promise to pay a specific amount for a property at a specified time. The purchase agreement is a written statement of the offer, which both the borrower and the seller will sign if the offer is accepted.
• Sales Contract — Definition,
  • A legal written document that details the agreed upon conditions between a seller and a buyer regarding the sale of a specific property. Also called an "Agreement of Sale."
• Statute — Definition,
  • A law established by an act of the legislature.
• Tort Law — Definition,
  • Civil law or the laws that govern civil lawsuits.