The statute of frauds is the general name for each state’s statute (law) that requires certain contracts to be in writing—or to have a written memorandum that records the essential elements of the agreement—in order to be enforceable. Statutes of fraud are an exception to the general rule that verbal or oral contracts are just as enforceable as written contracts. Statutes of fraud are designed to prevent fraud and perjury (lying under oath) in transactions that are especially susceptible to fraud.

Statutes of fraud vary from state to state, but generally include (1) contracts for the sale or lease of real estate (land); (2) contracts that cannot be performed within one year from the date of the contract’s formation—such as a two-year employment contract; (3) loan agreements in excess of a certain amount; (4) contracts involving engagement promises (return of engagement rings), marriage (prenuptial agreements), or cohabitation (support, responsibilities) and post-cohabitation support (palimony); (5) contracts for the sale of goods above a certain amount (often $500); (6) promises to pay an estate’s debt from the personal funds of the executor; and (7) contracts in which one person agrees to pay the debt of another person.

In Ohio, the statute of frauds is codified under Ohio Revised Code Section 1335.04 and related sections. This law requires certain types of contracts to be in writing to be enforceable. These include contracts for the sale or transfer of land or interests in land, agreements that cannot be performed within one year, and promises to answer for the debt, default, or miscarriage of another, among others. For the sale of goods, Ohio follows the Uniform Commercial Code (UCC), which generally requires a written contract for the sale of goods priced at $500 or more. Additionally, Ohio law requires prenuptial agreements to be in writing and signed by both parties. The purpose of these requirements is to prevent fraud and misunderstandings in significant transactions by providing clear evidence of the terms and parties' intentions.