Which type of agreement must be enforceable by law and typically follows the Statute of Frauds?

The correct answer pertains to written contracts for significant transactions, which must be enforceable by law and typically adhere to the Statute of Frauds. The Statute of Frauds is a legal concept that requires certain types of contracts to be in writing and signed in order to be legally binding. This is in place to prevent fraud and misunderstandings in more complex agreements that involve substantial obligations or significant amounts of money.

For example, contracts involving the sale of real estate, agreements that cannot be performed within one year, and contracts for goods above a specified dollar amount are usually required by the Statute of Frauds to be documented in writing. This ensures that there is clear evidence of the terms agreed upon and the intentions of both parties.

Other types of agreements like implied agreements and informal agreements do not typically fall under the same legal requirements as significant transactions. Implied agreements are based on the actions or conduct of the parties rather than written or spoken words, lacking the formal enforceability often required by law. Oral contracts can be binding in many situations, but certain types, especially those that fall under the Statute of Frauds, require written documentation to be enforceable. Informal agreements also do not have the same weight under legal scrutiny, particularly when it comes