What does Statute of Frauds mean? Read on to discover the definition & meaning of the term Statute of Frauds - to help you better understand the language used in insurance policies.
Statute of Frauds
A legal rule that requires certain kinds of contracts to be in writing and signed by the parties bound by the contract. The purpose is to prevent fraud and other injury. Examples of contracts to which the statute of fraud applies include contracts for the sale or transfer of real estate, contracts that cannot be performed within a year, and contracts made by executors and administrators.
We hope the you have a better understanding of the meaning of Statute of Frauds.