Written Contracts Required

The Statute of Frauds is a legal doctrine requiring certain types of significant contracts to be in writing and signed to be legally enforceable, preventing fraud and misunderstandings by demanding written proof for complex agreements like those involving real estate, long-term services (over a year), sales of goods over $500 (under the UCC), marriage promises, or guarantees for another's debt. Its primary objective is to provide evidence and caution parties in major transactions, though exceptions (like part performance) can make some oral contracts valid.

Conditions Precedent and Subsequent

A condition precedent is an event that must happen before a contract or right takes effect, whereas a condition subsequent is an event that, if it occurs, ends or cancels an already existing contract or obligation. The primary difference is timing. One triggers the duty to perform, while the other cuts it off.