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 New York, the statute of frauds is codified under General Obligations Law, which requires certain types of contracts to be in writing to be enforceable. These include contracts for the sale or lease of real property, contracts that cannot be completed within one year, loan agreements for amounts not specified but typically significant, prenuptial agreements, and contracts for the sale of goods priced at $500 or more. Additionally, if an executor of an estate promises to pay the estate's debts from personal funds, this must be in writing. Similarly, if someone agrees to pay another person's debt, that agreement must also be in writing. These requirements are designed to prevent fraud and perjury in transactions that are particularly vulnerable to such issues. It's important to note that while these are the general categories covered by the statute of frauds in New York, specific applications and interpretations may vary and it is advisable to consult with an attorney for particular legal advice.