Statute of frauds

{
  "id": "MLC-T-INS-003178",
  "term": "Statute of frauds",
  "field": "Insurance and risk management",
  "definition": "A legal principle requiring certain types of contracts to be in writing and signed by the parties to be enforceable in court. While most insurance contracts are already written, this statute can apply to agreements related to insurance, such as contracts for the sale of land or agreements that cannot be performed within one year. It prevents fraudulent claims based on oral agreements.",
  "url": "https://mlchart.com/terminology/insurance/statute-of-frauds/"
}