What is the primary purpose of the Statute of Frauds?

The primary purpose of the Statute of Frauds is to require certain contracts to be in writing to be enforceable. The Statute of Frauds was established to prevent fraud and misunderstandings in contractual agreements by ensuring there is clear evidence of the terms of the agreement, especially for significant transactions. This requirement is particularly applicable to contracts involving real estate, agreements that cannot be performed within one year, and contracts for the sale of goods exceeding a specific value, among others.

By necessitating that these important agreements be documented, the Statute of Frauds aims to provide clarity and certainty to all parties involved, reducing the risk of disputes based on differing recollections of the terms. This written requirement serves as a safeguard against unreliable, vague, or fabricated claims regarding the existence or terms of a contract, thus adding a layer of security to the contracting process.