Certified Commercial Contracts Manager (CCCM) Practice Exam

The Statute of Frauds is a legal doctrine that requires certain types of contracts to be in writing in order to be enforceable in a court of law. This requirement helps to prevent fraudulent claims and misunderstandings that can arise from verbal agreements. The types of contracts typically covered by the Statute of Frauds include those involving the sale of real estate, contracts that cannot be performed within one year, and agreements to guarantee the debt of another person, among others.

By mandating that specific contracts be documented in writing, the Statute of Frauds aims to provide clarity and establish tangible evidence of the parties' intentions and obligations, thereby promoting fairness and reducing disputes. This written requirement serves as a safeguard for parties entering into significant financial undertakings or long-term commitments.