The Statute of Frauds is based on an Act of the British Parliament from 1677 called “An Act for the Prevention of Frauds and Perjuries.” The Statute places a requirement on several different contracts.
Contracts that Fall Under Statute of Frauds
Contracts falling under the Status of Frauds include those for sale of goods worth more than $500, for an exchange of real estate, cannot be completed within one year, contain collateral promises, or when an executor pays a debt for an estate.
These contracts must contain two distinct elements. The contract must be written down and there must be some mark indicating acceptance.