Contracts that cannot be completed within one year need to be in writing according to which statute?

The correct response highlights the Statute of Frauds, which is a legal principle that requires certain types of contracts to be in writing in order to be enforceable. This statute is designed to prevent misunderstandings and fraudulent claims in agreements that are significant enough to warrant formal documentation.

Contracts that cannot be performed within one year fall under the Statute of Frauds because they involve a longer time frame that increases the potential for disputes. By requiring these contracts to be in writing, the statute aims to provide clear evidence of the agreement’s terms and the parties’ obligations.

While the Uniform Commercial Code pertains specifically to sales of goods and would also require written contracts in certain circumstances, it does not universally apply to all types of contracts affected by the Statute of Frauds. Common Law encompasses general contract law, where similar principles apply, but it does not specifically address the requirement for writing in cases like this. The Restatement of Contracts provides an academic overview and synthesis of contract law but does not impose legal requirements itself. Thus, the Statute of Frauds is the appropriate reference for contracts that cannot be completed within one year needing to be in writing.