What is necessary for a contract to be enforceable according to the Statute of Frauds?

For a contract to be enforceable according to the Statute of Frauds, a written document is necessary. The Statute of Frauds outlines specific types of contracts that must be in writing to be enforceable in a court of law, in order to prevent fraud and misunderstandings. This includes contracts involving the sale of real estate, agreements that cannot be performed within one year, and contracts for the sale of goods above a certain dollar amount, among others.

A written document must include essential terms and be signed by the parties involved. This requirement helps ensure that there is clear and tangible evidence of the agreement, reducing the risk of disputes regarding the terms agreed upon. While verbal agreements can be valid in some cases, they may be difficult to enforce in situations governed by the Statute of Frauds.

The other options, such as notarized contracts or witness signatures, are not necessary components of enforceability under the Statute of Frauds. While these might add a layer of verification to a contract, they do not replace the essential requirement of having a written document.