Tuesday, January 11, 2011

Statute of Frauds

The “Statute of Frauds” is a legal principle that started in common law and has been made part of statutory law where a writing between the parties is required in certain situations such as:
  • The sale of goods over $500.
  • The sales of real estate
  • Any contract that can’t be completed within a year

For most of what we do in Procurement a writing is required and that can take the form of an actual writing or it could take another form that was agreed by the parties such as we do with EDI agreements that authorize electronic transmissions to serve as a writing between the parties.

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