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A statute of frauds is a form of statute requiring that certain kinds of contracts be memorialized in writing, signed by the party against whom they are to be enforced, with sufficient content to evidence the contract.

Key Takeaways. The statute of frauds is a common law concept that requires written contracts for certain agreements to be binding. The statute applies to land sales and most purchases of goods of $500 or more. There are significant exceptions, such as oral contracts where work has already started.

The Statute of Frauds can be satisfied by any signed writing that (1) reasonably identifies the subject matter of the contract, (2) is sufficient to indicate that a contract exists, and (3) states with reasonable certainty the material terms of the contract.

Contracts whose obligations cannot be completed within one year's time from the date of the contract. There is, however, an exception to this rule ? contracts whose duration is indefinite are not subject to the statute of frauds.

1. The bona fide (good faith) principle is a key component of most historic and modern legal orders, 1 and a ?general principle of international law?. The principle requires parties ?to deal honestly and fairly with each other (?) and to refrain from taking unfair advantage?.

Good faith consists in an honest intention to abstain from taking any unconscientious advantage of another, even through the forms or technicalities of law, together with an absence of all information or belief of facts which would render the transaction unconscientious.

Under common law, good faith requires parties to an agreement to exercise their powers reasonably and not arbitrarily or for some irrelevant purpose. Certain conduct may lack good faith if one party acts dishonestly or fails to have regard to the legitimate interests of the other party.

In Oklahoma, the Statute of Frauds requires that certain agreements be in writing and signed by the party to be enforceable. This requirement helps provide clear evidence of the terms and existence of the contract. Thus, this reduces the likelihood of disputes and misunderstandings.

Good faith is a broad term that's used to encompass honest dealing. Depending on the exact setting, good faith may require an honest belief or purpose, faithful performance of duties, observance of fair dealing standards, or an absence of fraudulent intent.