The Statute of Frauds is a legal doctrine that requires contracts involving real property to be written and possess certain necessary elements.
What is Required to Satisfy the Statute of Frauds?
In Arizona, A.R.S. § 44-101 requires that promises to convey an interest in real property must be in writing and signed by the parties involved. In order for a writing to satisfy the Statute, it must contain within its four corners all the terms necessary for enforcement. It must "contain the terms and conditions of all the promises constituting the contract and by whom and to whom the promises are made." In RE: Viscount Air Services, Inc. The law prevents changing these written contracts by hint, suggestion, or oral testimony. Additionally, a court may not supply any missing terms by parol evidence.
What is the Purpose of the Statute of Frauds?
The purpose of the Statute of Frauds is to prevent fraud in real estate transactions! The purchase and sale of real property is so costly that it cannot be left to oral contracts and memory.