Video: The Statute of Frauds

In this lesson, delve into the intricacies of the statute of frauds with Nick Palazzolo, CPA, who elucidates this crucial legal principle. He explains that certain types of contracts, including those of suretyship, must be documented in writing and signed to be legally binding. Through the discussion, understand why these stipulations exist—to prevent misunderstandings and fraud, and to clarify the terms between all parties involved. Nick provides practical advice, underscoring the significance of having written evidence for suretyship agreements to ensure they are enforceable and highlighting the consequences when such requirements are not met.