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Question: In light of the previous discussion regarding elements of a contract in general and a real estate contract, there are differing nuances in a written agreement v. an oral agreement. Not every contract must be in writing to be enforceable, however, there are difficulties with enforcing an oral contract. Under the doctrine of the Statute of Frauds, which are statutes in virtually every state including Maryland, there are certain categories of contracts that are required to be in writing:
1) contracts for the debt of another person;
2) marriage;
3) any agreement that will not be or cannot be performed within one year of the date of the contract;
4) sale or transfer of land or any interest in land; and for the State of Maryland, an additional requirement:
5) any contract that is for more than $500.00. Based on these precepts, what are the main problems or issues with enforcing an oral contract?
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