What does the Statute of Frauds require in property law?

The Statute of Frauds is a legal concept that mandates certain types of contracts, particularly those related to real property, to be in writing in order to be enforceable. This requirement serves to prevent fraud and misunderstandings that can arise from verbal agreements, which can be difficult to prove. The primary contracts that fall within this statute include agreements for the sale of land, leases lasting more than one year, and contracts for the transfer of an interest in real estate. By ensuring these significant transactions are documented in writing, the Statute of Frauds provides clarity and security for all parties involved.

The other options do not accurately represent the requirements established by the Statute of Frauds. For example, the notion that all property transactions must be completed within 30 days is misguided, as there is no such time limit under this statute. Also, the requirement that only licensed agents can prepare property contracts is not addressed by the Statute of Frauds itself; it governs the enforceability of the contracts rather than who can draft them. Lastly, while some legal documents may require witnesses for validity, the Statute of Frauds does not stipulate that contracts must be signed by at least two witnesses to be enforceable. Thus, the correct understanding of the Stat