Frauds, Statute of

Definition of Frauds, Statute of

This is the common designation of a very celebrated English statute (29 Car. II, c. 3), passed in 1677, which has been adopted, in a more or less modified form, in nearly all of the United States. Its chief characteristic is the provision that no suit or action shall be maintained on certain classes of contracts or engagements unless there shall be a note or memorandum thereof in writing signed by the party to be charged or by his authorized agent (e.g., contracts for the sale of goods priced at $500 or more; contracts for the sale of land; contracts which cannot, by their terms, be performed within a year; and contracts to guaranty the debt of another). Its object was to close the door to the numerous frauds and perjuries. It is more fully named as the "statute of frauds and perjuries.”

Uniform Commercial Code. U.C.C. § 2-201 provides that a contract for the sale of goods for the price of $500 or more is not enforceable by way of action or defense unless there is some writing sufficient to indicate that a contract for sale has been made between the parties and signed by the party against whom enforcement is sought or by his authorized agent or broker.

That's the definition of Frauds, Statute of in Black's Law Dictionary 6th Edition. Courtesy of