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 South Carolina, the statute of frauds requires certain types of contracts to be in writing to be enforceable. These typically include agreements for the sale or lease of real estate, contracts that cannot be completed within one year, loan agreements for substantial amounts, prenuptial agreements, and contracts for the sale of goods valued over a certain threshold, which is generally $500. Additionally, if an executor of an estate promises to pay the estate's debts from personal funds, or if one party agrees to pay another's debt, these agreements must also be in writing. The statute of frauds in South Carolina is codified in the South Carolina Code of Laws and is designed to prevent fraudulent activity and perjury in transactions that are particularly prone to such issues. It's important to note that while these requirements are common, the specific details and thresholds can vary, and an attorney can provide guidance on the current laws and how they may apply to individual circumstances.