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 Florida, the statute of frauds is codified under Florida Statutes § 725.01 and requires certain types of contracts to be in writing to be enforceable. These include contracts for the sale of real estate, agreements that cannot be completed within one year, and loan agreements for amounts not specified in the statute. Additionally, Florida law requires written contracts for the sale of goods valued at $500 or more, in accordance with the Uniform Commercial Code (UCC) § 2-201. Prenuptial agreements also must be in writing under Florida Statutes § 732.702. The statute of frauds in Florida is designed to prevent fraudulent claims and misunderstandings in significant transactions by requiring a written record of the agreement's essential terms. While oral contracts can be legally binding in many situations, those falling under the statute of frauds provisions must be memorialized in writing to be enforceable in a court of law.