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1
Validity of a Contract under Statute of Fraud
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Statute of Fraud Requirement for A Contract to Be Considered Valid
The Statute of fraud is a statutory requirement that must be written for a legally binding
and valid contract (Hawkins, 2020). The legal requirement applies to dealings worth over $500.
It is commonly used in contracts involving marriage promises, land sales, contacts to pay estates’
debt, contracts whose completion goes beyond one year, and debt contracts. The common law
requires that for the contract to be considered valid, it must be in written form; the document
carrying the agreement’s details must be written. Another requirement for a contract to be valid is
that the subjects must be easily identifiable; the parti…
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