Question 7
The Statute of Frauds (Ireland) describes the enforceability of contracts in consideration of terms and conditions. It is, therefore, a legal concept which dictates that particular forms of contract must be executed in writing for them to be enforceable. The major forms of contract which require evidence in writing form to satisfy the requirements of Statute of Frauds comprise of contracts made in consideration of marriage, contracts which are not obliged to be completed within a period of one year, those which entail interest in land and contracts involving of sale of goods which exceeds 10 euros.
Marriage contracts and those which are not obliged to be completed within one year must be evidenced in writing. The legal concept of Ireland dictates that such contracts are more complicated and may cause long term effects if not presented in written form as most of the oral and other informal contracts are prone to fraud and injuries of either or both of the parties (Sze, 1980). Marriage contracts are entitled to take a long duration, and hence it can be easily forgotten and abused. Thus, for such contracts to be enforced by law, it requires evidence in written form to serve as a legal form. In addition, other contracts, such as the interest of the land, entail terms and conditions that need to be met as such interest may change ownership more often than other properties. It also has a relatively higher value, which requires written evidence to avoid fraud. Similarly, contracts of sale of goods with a value of more than 10 euros are prone to abuse and fraud, and hence the legal qualifications require written agreement to act as future reference.
The Statute of Frauds requires a written memorandum for the mentioned contracts to act as future reference. Basically, the memorandum includes the parties involved, the property involved in the contract, and its price. The written evidence requires the names of both parties involved in the contract and should, therefore, be signed (). It also entails the name, value, and nature of the property being sold or the offer made. The law also requires the price of the commodity involved, which helps determine the value of the contract and can be applied in case of breaching of the contract for compensation.
References
Sze, P. F. (1980). The Sale of Goods and Supply of Services Act (Doctoral dissertation, Trinity College Dublin).