Contracts and Sales Multistate Bar Practice Exam

What does the writing requirement of the Statute of Frauds generally entail?

1. A detailed summary of all negotiations

2. Any form of written communication between parties

3. A single signed writing identifying subject matter and parties

4. An oral agreement followed by a written confirmation

The correct answer is: A single signed writing identifying subject matter and parties

The writing requirement of the Statute of Frauds is designed to prevent fraud and perjury in certain types of contracts by ensuring that there is a concrete written record regarding the essential elements of the agreement. This requirement generally entails having a single signed writing that identifies the subject matter and the parties involved in the contract. To fulfill the Statute of Frauds, the writing must include the essential terms of the contract, which generally means that it should outline the key components such as the parties' identities, the subject matter of the agreement, and any other terms necessary to understand the agreement. The requirement is satisfied as long as the writing is signed by the party against whom enforcement is sought, regardless of whether the document is comprehensive or detailed. Therefore, the focus is not on the intricacies of negotiations or the form the writing takes but rather on the formal acknowledgment and identification of the parties and the agreement itself. This framework serves to create a reliable basis for enforcing agreements that fall under the categories specified by the Statute of Frauds, including contracts involving the sale of goods over a certain value, real estate transactions, and agreements that cannot be performed within one year, among others.