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Statute of Frauds and Application of UCC

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What is the statute of frauds? How is it treated differently in the UCC?

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The answer to this problem explains the statute of frauds and the application of UCC. The references related to the answer are also included.

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The statute of frauds is the requirement that certain types of contracts should be memorized in writing. The word 'frauds' is used because it is believed that a written contract reduces the possibility of fraud. The types of contracts that should be memorized in writing are as follows. Contracts that cannot be performed within one year but are not of indefinite duration, contracts related to transfer of land, contracts in consideration of marriage, sale of goods for $500 or more, contracts having a surety, and contracts with an executor of will ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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