What law requires certain contracts to be in writing and signed by the party to be charged?

The law that requires certain contracts to be in writing and signed by the party to be charged is the Statute of Frauds. This legal principle is established to prevent fraud and perjury in certain types of agreements by ensuring that there is clear and unequivocal evidence of the terms of the contract. Typically, the Statute of Frauds applies to contracts involving the sale of land, contracts that cannot be performed within one year, and certain agreements regarding goods above a specified value, among others.

By necessitating that these contracts be in writing, this statute helps to uphold the integrity of the contractual process, ensuring that all parties have a tangible record of the commitments made. The requirement for a signature further emphasizes the need for mutual consent and acknowledgment of the contract's terms, which is crucial in the event of disputes or enforcement.

While other options like the statute of limitations involve timeframes for legal actions, and the Uniform Commercial Code governs transaction aspects of commerce and sales, they do not specifically mandate how contracts must be formed or documented as the Statute of Frauds does. Understanding this law is vital for anyone involved in real estate transactions, as it underlines the importance of written agreements in protecting both buyers’ and sellers’ interests.