Which type of contracts typically must be evidenced by writing under the Statute of Frauds?

Study for the Business Senior Exam. Use flashcards and multiple-choice questions with hints and explanations. Prepare confidently!

Contracts involving real property must typically be evidenced by writing under the Statute of Frauds. The Statute of Frauds is a legal principle that requires certain types of contracts to be in writing to be enforceable. This is primarily to prevent fraud and misunderstandings that can arise from oral agreements.

Real property transactions, such as the sale or lease of land, fall under this requirement because they involve significant interests and financial commitments. The necessity for written contracts in these cases protects both parties by providing a clear record of the terms agreed upon, which can help resolve disputes should they arise. This written requirement extends to various transactions concerning real estate, including sales, leases that exceed a certain duration, and options to purchase.

In contrast, the other options listed do not fall under the same stringent requirements of the Statute of Frauds. Loans under a certain amount, personal service contracts, and subleases often do not require a written contract to be enforceable, although having them in writing can still be beneficial for clarity and record-keeping.

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