What kinds of contracts need to be put in writing?
December 8th, 2008
One of the questions that many business owners share is “what types of contracts need to be in writing?” Many people actually assume that a contract has to be in writing in order for it to exist. While I agree that all contracts SHOULD be in writing, many do not HAVE to be in order to be enforceable.
The Statute of Frauds dictates that 6 types of contracts must be both written and signed. I am going to list the 6 types for you:
- Contracts in consideration or marriage
A. Like a “prenup” - Contracts which cannot be performed within 1 year
A. Like a gigantic construction project, which will take at least two years to finish - Contracts for the transfer of an interest in land
A. Remember all that paper work you had to wade through last time you bought or sold a house?
