What is the term for the requirement that some contracts must be in writing to be enforceable?

The term that refers to the requirement that certain contracts must be in writing to be enforceable is the Statute of Frauds. This legal concept is designed to prevent fraudulent claims and misunderstandings about the terms of a contract. The Statute of Frauds typically applies to contracts that involve significant matters, such as the sale of real estate or contracts that cannot be performed within one year. By requiring certain contracts to be in written form, this statute ensures that there is a clear, verifiable record of the agreement, which helps to validate the parties' intentions and provides protection for both sides in a dispute.

Understanding the Statute of Frauds is critical in risk management and compliance, particularly in fields that involve contracts and legal agreements. Establishing the need for written agreements helps organizations avoid potential legal pitfalls and ensures clarity in business transactions. In contrast, terms like contingency contract, voidable contract, and enforceable agreement refer to different aspects of contract law and do not specifically indicate the requirement for written contracts established by the Statute of Frauds.