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Q.What contracts MUST be in writing?
A.Although you may not feel the need or want to write down the terms of a simple agreement, there are times where the court will require a written agreement for an oral promise to be binding and enforceable. The "statute of frauds" requires certain types of contracts to be in writing. Although the requirements vary from state to state, generally the statute of frauds applies to the following kinds of contracts: (1) contracts that involve the transfer of real property; (2) contracts for the sale of goods for over $500; (3) contracts where someone has agreed to assume, pay or guarantee a debt; (4) contracts that cannot be performed within a year; (5) prenuptial and marital agreements that allocate assets in the event of a divorce; and (6) an administrator's promise to personally pay estate taxes. Failing to put these types of contracts into writing may make the oral agreement unenforceable.
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