When it comes to contractual agreements, it`s essential to ensure that all parties involved understand the terms and conditions. One of the critical aspects of creating a legally binding contract is determining which contracts must be in writing and signed in order to be valid.

In general, contracts can be formed in two ways: orally or in writing. However, certain types of contracts must be in writing and signed to be enforceable by law. These types of agreements are referred to as “statute of frauds” contracts. The statute of frauds is a legal doctrine that requires certain agreements to be in writing and signed to be enforceable in court.

The following is a list of the contracts that must be in writing and signed to be valid:

1. Real estate contracts: Any agreement related to the sale, lease, or transfer of real property, such as a house, building, or land, must be in writing and signed by the parties involved. This includes contracts for the purchase of a home, lease agreements, and contracts related to the financing or sale of a property.

2. Contracts that cannot be performed within a year: Any agreement that cannot be performed within one year from the date of creation must be in writing to be enforceable. This includes long-term service contracts, such as employment agreements, and contracts for future delivery of goods or services.

3. Contracts for the sale of goods over $500: Any agreement for the sale of goods that are valued at $500 or more must be in writing and signed by both parties. This includes contracts related to the sale of cars, furniture, and other tangible items.

4. Contracts for the transfer of copyrights or patents: Any agreement for the transfer of intellectual property, such as copyrights or patents, must be in writing and signed by the parties involved.

5. Contracts for debts or loans: Any agreement related to the borrowing or lending of money, such as a loan agreement or promissory note, must be in writing and signed by the parties involved.

In summary, it`s critical to determine whether a contract must be in writing and signed to be valid. Any agreement related to real estate, long-term service contracts, the sale of goods over $500, the transfer of intellectual property, and debts or loans must be in writing and signed to be enforceable by law. Remember to carefully review and understand the terms and conditions of any contract before signing, as it can have significant legal implications.