Definition of "Statute of frauds"

Johnny Smith real estate agent
Johnny Smith, Real Estate Agent Keller Williams Realty

Requirement based on law that certain types of contracts must be in written form in order to be enforceable. With respect to real estate, although negotiations and preliminary agreements may be oral , the final agreement must be in written form. Thus, all deeds, mortgages, and real estate contracts must be evidenced by a written form and may not be oral.

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