Are contracts involving suretyship required to be in writing?
Yes. Surety contracts fall under the statute of frauds and must be in writing. Surety arrangements are when one party agrees to pay off the debt of another. The surety promise will be made with the original credit who has agreed to loan the money to the original debtor.
Below is an example of surety contracts that must be in writing under the statute of frauds:
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What is the statute of frauds?
The statute of frauds stipulates that certain kinds of contracts must be in writing to be enforceable. Under the statute of frauds, the contract must be memorialized in writing, it must be signed by the party to be charged, and there must be sufficient evidence that the contract exists. There are a number of types […]