Your Ask Joey ™ Answer

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 of contracts that fall under the statute of frauds. This would include contracts involving the sale of land, contracts that cannot be performed within one year, surety agreements, marriage contracts, contracts involving the sale of goods over $500, and executor arrangements.


Back To All Questions

You might also be interested in...

  • Write For Us

    Write For Us Submit your guest blog post! Universal CPA Review welcomes contributors to submit articles for publication on our website. Please review the following guidelines before submitting your article. Due to the high volume of submissions we receive daily, we cannot respond to each one individually. If your article is selected for publication, you...

  • A Guide to Hiring a Small Business Accountant

    Overview Your small business is thriving, sales are up, and you’re poised for a record-breaking year. Exciting times, indeed, but have you thought about the implications for tax filing or financial planning for the upcoming quarter? If these questions are on your mind, it might be time to consult a small business accountant. A skilled...

  • QuickBooks Helps Small Business Beyond Compare

    Introduction Want to work faster, smarter, and better? In today’s business environment, the myriad options for financial management solutions can overwhelm even the most seasoned entrepreneurs. Selecting the right tool for managing business finances is crucial, yet the task is often daunting due to the plethora of available options. This is where QuickBooks comes into...