In Indiana, not all agreements must be in writing to be enforceable. In fact, an oral agreement often carries as much legal weight as a written one. However, there are certain agreements that MUST be in writing. The Indiana law that enforces this requirement is called the Statute of Frauds.
What is the Statute of Frauds?
The Indiana Statute of Frauds establishes the types of agreements that must be in writing. The purpose of the Statute of Frauds is to prevent a party from fraudulently claiming the existence of a supposed agreement. In other words, the Statute of Frauds seeks to prevent he-said-she-said disputes regarding certain types of agreements.
Agreements that Must be in Writing
Under Indiana’s Statute of Frauds, the following agreements are enforceable if they are (1) in writing and (2) signed by the party to be charged:
1. Agreements involving the sale of land (land-sale contracts);
2. Agreements in which one takes responsibility for the debt or default of another (suretyship);
3. Agreements involving activities that cannot be completed within one year of the agreement;
4. Agreements charging an executor or administrator for damages out of the executor’s or administrator’s own estate;
5. Agreements involving the sale of goods for $500 or more; and
6. Agreements in consideration of marriage.
Note that this is a general and non-exhaustive list of agreements under the Indiana Statute of Frauds. The law is complex and riddled with many exceptions; therefore, it is best that you hire an attorney before entering into any agreement.
For an experienced attorney to assist you and ensure the enforceability of your agreement, contact us at any time at 317-643-1813.