Does A Contract Have To Be In To Be Enforceable?

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Does A Contract Have To Be In To Be Enforceable?

No, a written contract is not required to create all contracts. The U.C.C. implements something called The Statute of Frauds (S.O.F.). The S.O.F. requires that certain contracts be recorded in writing in order to be enforced. The S.O.F. has been implemented to reduce and prevent fraud in contracts. The S.O.F. requires that all contracts for the sale of goods over five hundred dollars be in writing to be enforceable.

For example, if you orally agree to buy your neighbor`s car for six hundred dollars then later decide that you no longer want to buy the car, you can do so. To be enforceable, the contract must be in writing because the sale is for six hundred dollars, an amount above the S.O.F.`s five hundreddollar writing requirement. On the other hand, if you orally agree to buy your neighbor`s car for three hundred dollars and later decide to back out, you may be liable to your neighbor under the contract.

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