Statute of Frauds

           The statute of frauds is a legal concept that stipulates that certain types of contracts must be executed in writing to be valid.

What are the contracts or agreements covered by the Statute of Frauds?

1. An agreement that by its terms is not to be performed within a year from the making thereof;

2. A special promise to answer for the debt, default or miscarriage of another

3. An agreement made in consideration of marriage, other than a mutual promise to marry;

4. An agreement for the sale of goods, chattels or things in action, at a price not lower that 500 pesos, unless the buyer accepts and receives part of such goods and chattels, or the evidences, or some of them, of such things in action, or pay at the time some part of the entry is made by the auctioneer in his sales book, at the time of the sale, of the amount and kind of property sold, terms of sale, price, names of the purchasers and person on whose account the sale is made, it is a sufficient memorandum

5. An agreement for the leasing for a longer period than one year, or for the sale of real property or of an interest therein;

6. A representation to the credit of a third person