As a professional, it is important to understand the legal requirements for contracts. Under the statute of frauds, certain types of contracts must be in writing in order to be legally enforceable. If a contract falls under one of these categories, it must contain specific information and be signed by all parties involved.

The first type of contract that must be in writing is any agreement related to real property. This includes contracts for the sale, lease, or transfer of land, buildings, or other structures. The writing must contain a description of the property and the terms of the agreement.

The second type of contract that must be in writing is any agreement that cannot be completed within one year of its creation. This includes contracts for long-term employment, performance of services, or installment payments. The writing must contain the terms of the agreement and the duration of the contract.

The third type of contract that must be in writing is any agreement to pay the debt or obligation of another person. This includes contracts for co-signing loans or guarantees of payment. The writing must contain the terms of the agreement and identify the party whose debt or obligation is being guaranteed.

Finally, the fourth type of contract that must be in writing is any agreement for the sale of goods over $500. This includes contracts for the purchase of tangible personal property, such as furniture or electronics. The writing must contain a description of the goods, the price, and the terms of the agreement.

In order for a contract to be legally enforceable, it must meet all of the requirements set forth by the statute of frauds. It is important for businesses and individuals to ensure that their contracts are properly written and signed in order to avoid any legal disputes.

As a professional, it is important to emphasize the importance of understanding the legal requirements for contracts. Including key phrases like “contract must be in writing under the statute of frauds” and “legally enforceable” can help improve search engine optimization and increase the article`s visibility to those seeking legal guidance on contracts.